LISTED Cebu Landmasters Inc. (CLI) has partnered with Xavier University (XU)-Ateneo de Cagayan for the development of another township in Mindanao.

In a disclosure on Wednesday, the Cebu province-based real estate firm said it had teamed up with the Jesuit-run educational institution to transform the latter’s 63.5-hectare property, called Manresa, into a premier university township in Cagayan de Oro (CDO) over the next few years.

Under its proposal to XU-Ateneo de Cagayan, Cebu Landmasters would acquire a 14.3-ha portion of Manresa to develop commercial, residential, office and leisure spaces there. It would also purchase a portion of the school’s campus on Corrales Avenue and convert it into downtown Cagayan de Oro’s central business district while preserving the Church of the Immaculate Conception.

This acquisition would fund the development of the Manresa campus and redesign of the Corrales campus for XU’s School of Medicine, College of Law and most of its graduate programs, which are envisioned to remain downtown.

The planned township will have modern school buildings, dormitories, a main plaza, interconnected courtyards and amphitheater; a university forum that incorporates a museum, theater and gallery; and open spaces and greenery.

The project remains subject to the final approval of XU’s central leadership. Consultations and discussions are ongoing.

“This possible venture with Xavier University will potentially be our second estate project in Mindanao after our Davao Global Township (DGT),” Cebu Landmasters President and Chief Executive Officer Jose Soberano 3rd said, referring to its P33-billion, 22-ha development in Matina, Davao City, the first phase of which is set for completion in 2023.

“It is in line with our thrust to expand our mastery to key VisMin (Visayas and Mindanao) cities by going up the real-estate value chain and uplifting entire communities and neighborhoods through our estate projects,” he added.

XU has been considering to move most of its operations out of its 6-ha developed property in downtown Cagayan de Oro. Before the implementation of the the government’s Kindergarten to Grade 12 program, its Corrales campus accommodated 11,000 students. A new campus at Manresa can potentially accommodate up to 25,000 students.

Cebu Landmasters has set aside P13 billion for capital expenditures this year to fund the development of more projects in the Visayas and Mindanao.

Shares of Cebu Landmasters inched up by 2 centavos or 0.39 percent to close at P5.20 each on Wednesday. – By Angelica Ballesteros

Published in The Manila Times