Plans of Cebu-based developer Cebu Landmasters, Inc. (CLI) to enter into resorts development and operations are nearing fruition as the company is just waiting to finalize negotiations for a property on Mactan Island.
Sources said the company is eyeing to acquire a property in Barangay Punta Engaño in Mactan.
The company is going into resort development as part of an aggressive expansion into the tourism sector. CLI is undertaking several hotel projects, which are in various stages of development.
A statement issued on May 28, 2019, after the company’s stockholders meeting, cited its “fast-expanding hotel portfolio” as a growth spot.
The company has at least five hotels on the drawing board, which will provide more than 1,100 rooms over the next four years.
Four of these hotels will be managed by The Ascott Limited. These are the Citadines Cebu City (180 rooms operational in 2019), Citadines Paragon Davao, Citadines Bacolod City and lyf Cebu City.
The company has also entered into partnership with the Radisson Hotel Group for the management of the first Radisson Red in the Philippines. This will be located in the Astra Centre mixed-use development along A.S. Fortuna Street in Mandaue City.
The company is also set to embark on the Patria de Cebu redevelopment plan, after overcoming opposition from heritage advocates who lobbied for the retention of the historic building’s facade.
Patria de Cebu, a former recreation center built by Catholic youth using Ave Maria blocks in the 1950s, will be transformed into a mixed-use complex that will feature a hotel, shopping center and office spaces. Ave Maria blocks were hollow blocks that were prayed over with a Hail Mary.
CLI chairman and CEO Jose R. Soberano III was earlier quoted as saying that his company will venture into hotel management through the Patria project.
Hotels will also be part of a project to transform a 22-hectare golf course into the Davao Global Township, the first township development for the company.
CLI said it is also firming up negotiations for a township project in Cagayan de Oro City and a 20-hectare property in Mandaue City in Cebu.
The company earlier said it was planning to spend up to P13 billion and launch P25 billion worth of projects this year to sustain its "outstanding" financial performance that saw its consolidated revenues and profits surge by 72% in 2018.
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The company is aiming for a 25% increase in revenues to P8.4 billion and in reservation sales to P12.5 billion.
“Cebu Landmasters will continue to focus on rolling out projects for the growing VisMin market. We are now moving into new key cities in the region as we expand our developments in existing ones,” Soberano said.
Expansion areas include Bohol and Iloilo. Land acquisitions are being finalized in Ormoc (Leyte), Roxas (Capiz), and General Santos City.
The company said it is also finalizing plans for the reclamation of 100 hectares of foreshore lands in Minglanilla town in southern Cebu, which will be developed into the Ming-Mori Techno Park. (Ventures Cebu)