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CEBU Landmasters, Inc. (CLI) has unveiled a P3.6-billion mixed-use project in Cebu which will include a mall, office spaces, residential units, and a hospitality component.
In a statement issued Thursday, the listed property developer said it will develop the two-tower Astra Centre on a 1.2-hectare lot on A.S. Fortuna St. in Mandaue City. The project looks to take advantage of the lack of integrated developments in the area.
“Astra Centre’s strategic location combined with the synergies that will arise from the development’s components ensure a high-energy development,” CLI Chief Executive Officer Jose R. Soberano III said in a statement.
Astra Centre will be developed in two phases, with the first phase to include the construction of a podium and the first tower. The podium is designed to house an upscale, three-level boutique mall covering 8,300 square meters (sq.m.) of leasable area.
The first tower will have 30 storeys with residential and hospitality components. The hotel will be operated by the Radisson Hotel Group, bringing in its Radisson RED brand for the first time to the country.
Radisson RED will offer 146 rooms which will cater to millennials with round the clock facilities, high-speed WI-FI, and “grab and go” food and beverage options, among others.
“Cebu City is the perfect location to introduce Radisson RED to the Philippines, being a dynamic urban center with a youthful vibe and positive outlook. We look forward to welcoming guests at Radisson RED and to introducing a new era of hospitality to the country,” Radisson Hotel Group President for Asia Pacific Katerina Giannouka said in a statement.
Astra Centre’s residential condominium will be called One Astra Place, and will have 478 units across 15 floors. There will be studios sized 22 sq.m. and one-bedroom units with 36 sq.m. Residents will be able to use amenities such as an infinity pool, a kiddie pool, function rooms, a gym, an al fresco area, and a skydeck.
The second phase of the project will include the second tower which will house the Astra Corporate Center and another residential condominium. Twelve floors will be allotted for office space, with a total leasable area of 15,900 sq.m.
Astra Centre will be CLI’s second mixed-use project following Baseline Center in Cebu City, which was launched back in 2015. That project also has residential condominium, hotel, and office components.
CLI’s net income jumped 17% to P498.7 million in the first three months of 2018, supported by a 14% increase in revenues to P1.26 billion.
Shares in CLI went down by 1.28% or six centavos to P4.61 each at the stock exchange on Thursday.