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Cebu Landmasters to turn Davao golf course into business district

May 24, 2017

From Business World

DAVAO CITY — Cebu Landmasters, Inc. has inked a deal with Davao City’s Huang and Yuson families for the conversion and development of the 18-hectare Matina Golf Course into a central business district (CBD).

“We formalized our agreement last week,” Cebu Landmasters President and Chief Executive Officer Jose R. Soberano III said in an interview.

Mr. Soberano said the CBD project will include a shopping mall, hotels, residential condominiums, offices for business process outsourcing companies, and “probably” a civic center as well as educational and health institutions.

“In the northern portion (of the city), you have the SM Lanang, Megaworld, and in the middle is the (Ayala-led) Abreeza development, and what in the southern portion in Matina? This is what we are trying to do, a business district which is more proximate for a gateway to the south of Davao,” he said, noting that the southern side links to the cities of Digos in Davao del Sur and General Santos in Sarangani.

“Even those coming from Bukidnon, Cagayan de Oro, and future coastal roads by the government,” he added.

Mr. Soberano said there is no set budget yet for the project as they are considering partnerships or selling portions of the property to other developers.

For the educational component, Mr. Soberano said they are exploring the possibility of hosting a De La Salle University graduate school. One of the partners, Yuson Commercial President and Chief Executive Officer Frederick H. Yuson, is an active alumnus of the school.

Cebu Landmasters is planning to start with the land development of the business district before the end of the year.

“As far as land development, we can finish that in one and a half years because this has underground systems such as power, drainage, dual water system. It is going to be a world-class CBD,” he said.

Cebu Landmasters is also preparing to start the construction of its first project in Davao City, the MesaTierra, the 4th in the company’s “Garden Series” condominiums.

The property developer is looking to raise up to P2.9 billion in its initial public offering. The firm has set the offer period from May 19-26 and listing on June 2.