Developer Cebu Landmasters, Inc. has lined up at least a dozen new projects for Cebu and other key cities in the Visayas and Mindanao with estimated project costs totaling P50 billion.
These projects will rise on the company’s recent property acquisitions. As of December 2019, the company’s total land bank has reached 1,245,485 sq.m., a 36% growth from the 2018 figure.
“Our landbanking activities are driven by the opportunities presented by each local market. We only purchase a property if we are certain we have an appropriate project for the site to meet a community’s needs and if we can develop that project in the next two to three years,” CLI chairman and CEO Jose R. Soberano III said in a statement.
In Cebu City, one project involves the development of a mixed-use community with hotel, office and retail components in the Cebu Business Park.
This will rise on a property adjacent to the Ayala Center Cebu mall. The company secured a 43-year lease contract for the lot, which is one of the remaining undeveloped lots, in the Cebu Business Park.
Another project is a joint venture between CLI and Borromeo Brothers. This involves the development of a two-tower residential condominium “in a prime Cebu City area”.
CLI and Borromeo Brothers also built the Latitude Corporate Center, an office building within the Cebu Business Park.
The developer earlier announced a joint venture with Aboitiz Group’s real estate unit, AboitizLand, Inc., called Aboitiz CLI Cebu Developers, Inc., which will develop a mid-market, mixed-use, multi-tower condominium project in Mandaue City.
Related story: Landmasters, AboitizLand form joint venture
CLI also announced earlier two projects on Mactan Island: the redevelopment of Abaca Resort Mactan and upgrading of Lowaii Cebu Marine Beach Resort.
Related story: Landmasters acquires Abaca, Lowaii resorts in Mactan
Abaca will shut down in February 2020 to pave for its redevelopment, which will feature an “iconic and sustainable resort tower” that will showcase 100 all-suite Sky Villas, the first in Mactan.
Lowaii, on the other hand, will be redeveloped into a mid-market hotel with condominium units.
CLI also purchased an adjacent 48,000-square-meter lot for the expansion of its Casa Mira South subdivision in Minglanilla, Cebu to bring the total number of house and lot units to more than 3,000.
In Davao City in Mindanao, CLI acquired a 28-hectare land for its first horizontal development in the area targeting the mid and economic markets, through their brands Velmiro and Casa Mira, respectively.
CLI, through joint venture company YHES, also acquired the adjacent lots for the expansion of The Paragon Davao development.
In Iloilo City in Western Visayas, CLI is teaming up with prominent Iloilo businessman Alfonso Tan, chairman of International Builders Corporation (IBC), for a high-rise multi-tower condominium with retail spaces at a prime corner lot in Iloilo City’s downtown area.
In Bacolod City on Negros Island, the company has acquired an 11,000- sq.m. lot for residential condominium towers set to be completed in 2021.
Other lots acquired were a 91,065-sq.m. property in Ormoc City in Leyte and a 71,181-sq.m. lot in Dumaguete City on Negros Island. Both have been identified as Casa Mira sites.
CLI also acquired a 36,000-sq.m. lot in Bohol for a mid-market community.
Soberano said most of the properties acquired in 2019 are fully owned by CLI. Only 21% of the total are joint ventures “which allow CLI to access high-value sites without requiring from the firm intensive capital outlay”.
“Land acquisitions in 2019 spanned highly strategic properties in seven key VisMin cities and were funded from a combination of internally generated funds and bank financing,” Soberano said.
“Our projected pipeline of projects targeted towards the VisMin buyer means sustained growth for CLI and added value to our shareholders,” he added. (Ventures Cebu)