CLI signs JV agreement with
leading Iloilo City builder
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.
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.
CLI
chief executive officer Jose Soberano III disclosed: “We are very proud to
forge this partnership with Mr. Alfonso Tan and his family. He has established
IBC as the leading construction firm in the region, and both our homegrown
companies are motivated by the opportunity to contribute further to Iloilo’s
exceptional growth.”
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.
Cebu
Landmasters which began two decades ago catering to the housing needs of
employees in Cebu province’s industrializing areas currently has projects in
nine VisMin cities outside of its home base Cebu City. From employee housing,
it popularized residential condominium living in strategic urban locations in
Cebu City, Cagayan de Oro and Davao City.
Currently,
CLI has a range of housing brands from starter homes in the economic segment,
to residential condominiums targeted towards mid-market dwellers to top-end
residential units in prime city locations. Its versatility in the residential
development prompted the firm to launch P14 billion worth of projects in the
first nine months alone of 2019 in key VisMin cities including mixed-use complexes
that integrate residential, office and commercial uses.
A
number of these integrated developments in Cebu, Davao and Bacolod will include
hotels. CLI’s first hotel opened in September this year with 180 rooms. The
listed company is projected to have 1,350 rooms in seven locations by 2022.
