CLI earmarks P3B for Cebu projects

CEBU, Philippines - Local property Cebu Landmasters, Inc. (CLI) continues to penetrate the Cebu real estate market with a combination of residential and office developments, allotting a total of P3 billion for its two new upcoming and four existing projects.

In an interview with CLI president and chief executive officer Jose Soberano III, he said that given the good track record of performance, prompt completion of projects hitting before or on the target dates and ample knowledge of the Cebu market, the homegrown industry player qualifies to suit the taste of prospect real estate investors. 

Last Wednesday, CLI broke ground on its flagship full office project and fourth vertical development, the Park Centrale.

It is a 19-storey office building with one-level basement which is located at Cebu IT Park and is projected to be finished in less than two years. 

Soberano said that the latest project signifies a vote of confidence to the growing economy of Cebu driven by the strong market demand of business process outsourcing locators who wish to expand in the booming metropolis.

He also said that the company aims to open one or two more office buildings within the next two years which will either be built in Cebu IT Park or Cebu Business Park following its pioneer office project.

Apart from office developments, Soberano revealed that CLI will also launch the Mivesa Garden Residences, a residential condominium complex that will be composed of seven mid-rise buildings with a total of 1 495 units, this July.

It is a master-planned garden community with integrated open spaces that cover 60% of a prime 1.8-hectare property located at Salinas Drive Extension, Lahug, Cebu City.

Out of the P3 billion that the company will be spending for this year, P800 million will go to the development of Park Centrale while P2 billion will be allotted for the Mivesa project.

The rest of the funds, Soberano added, will be allocated for the completion of its four ongoing residential projects which include Midori Residences in Mandaue City, Midori Plains in Tungkop, Minglanilla, Baseline Residences within the Baseline complex along Juan Osmeña Street and San Josemaria Village in Talisay.

He further admitted that they are eyeing to penetrate the Mactan area with future developments on residential house-and-lot packages and resort-type residential condominiums.

“We have strategically position ourselves within and outside of metro Cebu. The thrust of CLI will be a combination of offices, residences, condominiums, subdivisions, and house-and-lots in Cebu. We are the local player who knows what the market needs,” Soberano concluded. (FREEMAN)