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CLI breaks ground on northern Cebu project

July 3, 2023

CEBU Landmasters, Inc. (CLI) has started construction of its residential development in the northern part of Cebu, the 15th project under its Casa Mira economic brand, it said on Thursday.

In a disclosure to the stock market, the company said the 6.8-hectare site in Cebu’s Danao City is expected to generate about P1.97 billion in sales. It has sold 96% of the 595 total units on the property.

“The location of Casa Mira Homes Danao contributes to its strong demand. The development presents premium connectivity with direct access to the Central Nautical Highway, providing residents with convenient access to essential establishments,” the company said.

It added that within close distance to the area are the schools, grocery stores, the city hall, the provincial hospital, and the city port.

“Danao City is also only 25 kilometers away from Cebu City and has the necessary urban conveniences being the growth center of the northern part of Cebu province,” it added.

The project offers unit types ranging from 42 square meters (sq.m.) to 72 sq.m. for townhouses and single detached units with a two- or three-bedroom option.

The company said prices for the units range from P2.23 million to P3.6 million. It expects development to be completed by 2026.

The Danao project will be managed by its property arm Cebu Landmasters Property Management, Inc. “to ensure that the development will be well maintained.”

“Casa Mira also allows CLI to help address the region’s housing gap. To date, Casa Mira has already provided more than 16,000 vertical and horizontal housing units all over VisMin (Visayas-Mindanao),” CLI President and Chief Executive Officer Jose R. Soberano III said.

The company is eyeing more projects in the Danao area due to the sales results, Mr. Soberano said.

“Given the success of the project in the northern part of Cebu, we are now in the process of introducing a new affordable housing development in the area soon,” he added.

On Thursday, CLI closed unchanged at P2.59 per share. — Adrian H. Halili

Published in BusinessWorld