NEWS & UPDATES
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CEBU Landmasters, Inc. (CLI) has completed its P3-billion mixed-use development in Davao City which it envisions to be a lifestyle and convention destination.
“We’re pleased that The Paragon Davao will be completed just as Southern Mindanao fully opens up to travel and heightened business and leisure activity,” CLI Chairman and Chief Executive Officer Jose Soberano III said in a press release.
Inside the 80,000-square-meter (sq.m.) development, the company topped off a 26-storey residential tower called One Paragon Place and a hotel under a joint venture with the Villa-Abrille clan’s YHES, Inc.
One Paragon Place has 554 units set to be turned over in the fourth quarter of the year, it was named the “Best Condo Development” in 2021 by the PropertyGuru Philippine Property Awards.
The hotel, Citadines Paragon Davao, will be opening its doors in 2024 with 263 hotel rooms and serviced residences. It is the fourth hotel under CLI’s partnership with Ascott Ltd. and is expected to boost the company’s hotel revenues.
In the third quarter of 2022, the company posted a 21.3% increase in attributable net income to P649.88 million, while its nine-month income grew by 18.7% to P2.2 billion.
CLI’s nine-month revenues totaled P10.96 billion, up by 43.2%, after booking 111% revenue growth in its hotel and recreational developments.
The 2.9-hectare development will also have a convention center called The Paragon Davao Convention Center. It has a grand ballroom that can house 2,500 guests, event and meeting rooms, and pre-function areas.
The Paragon Davao was masterplanned by CallisonRTKL, Inc. and RMDA (Rolando Mercado Design Associates) Architects Co. It will also house The Paragon Davao Lifestyle Mall, which will have 4,398 sq.m. of retail, food and beverage outlets. — Justine Irish D. Tabile
Published in Business World