Leading housing developer in VisMin Cebu Landmasters expands its landbank in key cities in the region to 1,245,485 sqm, a 36% growth from the 2018 figure, and secures its rapid and sustained growth in the next few years. The properties will give rise to a range of projects with a projected investment of P50 billion.
Land acquisitions in 2019 spanned highly strategic properties in seven key VisMin cities and were funded from a combination of internally generated funds and bank financing. These lots were secured for the development of a mixed-use project in a prominent Cebu City business district location, an office project in the same area, a mixed-use development in Mactan anchored by a hotel, and more residential developments in the cities of Davao, Bacolod, Iloilo, Ormoc, Dumaguete and Bohol further expanding the reach of CLI’s popular mid-market and economic brands that have shown very market-leading take-up rates.
CLI chairman and CEO Jose Soberano III explained: “Our landbanking activities are driven by the opportunities presented by each local market. We only purchase a property if we are certain we have an appropriate project for the site to meet a community’s needs and if we can develop that project in the next two to three years.”
Most of the land acquired in 2019 are fully owned by CLI. Twenty-one percent of the total are joint ventures “which allow CLI to access high-value sites without requiring from the firm intensive capital outlay. We also benefit from our partners’ expertise and established presence in the new markets,” according to Soberano.
CLI is teaming up with prominent Iloilo businessman Alfonso Tan, chairman of International Builders Corporation (IBC) for a high-rise multi-tower condominium with retail spaces on a prime corner lot in Iloilo City’s downtown area.
CLI is also partnering with fellow Cebuano player AboitizLand to develop a mid-market, mixed-use, multi-tower condominium project in Mandaue City. CLI and Borromeo Brothers, after the success of Latitude Corporate Center, are also launching another joint venture to develop a two-tower residential condominium in a prime Cebu City area.
Projects to be rolled out by CLI in Cebu include the redevelopment of the highly-rated Abaca Resort Mactan, which is being designed by a globally renowned firm, and transform it into an iconic regional destination featuring villas in the sky. Another exciting Mactan development is in the works as CLI develops a resort property to host a mid-market hotel with condominiums.
CLI also purchased an adjacent lot of over 48,000 sqm for the expansion of its Casa Mira South development in the south of Cebu, bringing the total number of house and lot units to more than 3,000.
Future CLI developments in Cebu City also include a mixed-use community with hotel, office and retail in a prime Cebu Business Park lot adjacent to Ayala Mall. CLI holds a 43-year lease contract for the vacant lot which is one of the last remaining undeveloped lots in the most prime of business districts in Cebu.
The listed company also acquired a 28-hectare land in Davao for its first horizontal development in the area targeting the mid and economic markets, through their brands Velmiro and Casa Mira, respectively. CLI, through joint venture company YHES, also acquired the adjacent lots for the expansion of The Paragon Davao development.
Meanwhile, the high demand for residential condominiums in Bacolod City prompted the firm to purchase an 11,000 sqm. lot for residential condominium towers set to be completed in 2021.
Other acquisition highlights include the purchase of a 91,065 sqm. property in Ormoc and a 71,181 lot in Dumaguete. Both have been identified as Casa Mira sites. CLI also acquired a 36,000 sqm. lot in Bohol for a mid-market community.
“Our projected pipeline of projects targeted towards the VisMin buyer means sustained growth for CLI and added value to our shareholders,” according to Soberano...
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