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P3 billion for 3 projects this year

August 14, 2015

AS IT aspires to expand its residential portfolio in 2015, Cebu Landmasters Inc. said it will infuse P3 billion in capital for three projects scheduled to launch in the remaining months of the year.

CLI chief operating officer Jose Franco B. Soberano disclosed this in a luncheon with reporters yesterday at the Casino Español de Cebu. He also announced the company’s expansion to Cagayan de Oro City.

Two of the projects, according to Soberano, will be in Cebu the Baseline Center, a mixed-use project in Cebu City, and Casa Mira Towers, an economic condominium project in Labangon.

Also this year, CLI will launch Mesa Verte, a three-tower condominium development to be nestled in an 8,800-square meter property in Cagayan de Oro, in between three major mall developments in the city.

Soberano likened CDO’s real estate scene today to Cebu five years ago, expressing confidence in the city’s potential to grow in the same way as Cebu’s real estate sector has, one of the key drivers of the province’s economy today.

This is our first expansion outside Cebu. That’s why we really have to do well with this first project,  Soberano said, saying CLI will launch Mesa Verte later this year.

Meanwhile, Baseline Center will be launched by September and Casa Mira on October.

For Soberano, the real estate sector in Cebu remains vibrant despite claims of oversupply. Although the number of residential projects in Cebu today have grown tremendously, the demand is there to maintain a healthy ecosystem in the property sector, he assured.

Meanwhile, Cebu’s worsening traffic has not taken a toll on Cebu’s real estate scene, as far as CLI is concerned. Instead, Soberano said the demand for convenience and proximity to workplace and commercial centers have encouraged developers to build projects nearby workstations and shopping destinations in Metro Cebu.

In the next years, CLI will bring another office project to the Cebu Business Park. If officially pursued, this will be second to Park Centrale in Cebu IT Park, also an office tower.

Meanwhile, construction of houses at Velmiro Heights is about to start, while land development of the project is now at its final finishing stages at 98 percent, CLI announced.

The company disclosed that the first phase of the subdivision in Tungha-an, Minglanilla, Cebu is already 96 percent sold, with phase two also at 90 percent.

There are about 100 units left in three phases, including the third phase which we have not started selling yet, according to Rose Yulo, AVP for sales and marketing.

As a homegrown developer, it has already developed roughly 20 projects in Cebu in over 10 years in property development.

Soberano said CLI envisions to become one of the leading developers in the Visayas and Mindanao.

Published in the Sun.Star Cebu newspaper on August 14, 2015.