Leading Visayas-Mindanao developer Cebu Landmasters Inc (CLI) intends to further strengthen its presence in Western Visayas with the development of a P1.5 billion residential condominium project anchored by high-visibility retail spaces in a strategic Iloilo City location, according to a Business Reporter report.
The listed firm recently signed a joint venture agreement with businessman Alfonso Tan, chairman of International Builders Corporation (IBC), for a high-rise residential tower on a prime corner lot in the city’s downtown area.
CLI will own 50% of the residential development and will manage the development. IBC, who recently developed the GT Town Center Mall in Pavia, will simultaneously develop a downtown mall that connects to the residential tower.
The tower will be the first condo offering in the highly accessible downtown area. The project will be planned and completed within a four-year time frame. Over the same period, CLI will also establish close to 1200 units of its top-selling economic house and lot Casa Mira Iloilo in a 14- hectare lot in Jaro. The project is wholly owned by CLI and land development has already commenced.