By Madelaine B. Miraflor
Cebu Landmasters, Inc. (CLI), the leading housing developer in Visayas and Mindanao, said it has continued to acquire more land in Visayas and Mindanao and will need to invest as much as ₱50 billion to build projects on these properties.
CLI said in a statement that it has expanded its landbank in key cities in the region to 1.2 million square meters, a 36 percent growth from the 2018 figure.
The newly acquired properties, which were funded from a combination of internally generated funds and bank financing, will give rise to a range of projects with a projected investment of ₱50 billion, the company said.
“These lots were secured for the development of a mixed-use project in a 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,” CI said.
CLI chairman and CEO Jose Soberano III said the firm’s landbanking activities were 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,” Soberano said.
Most of the land acquired in 2019 are now fully owned by CLI, but Soberano said 21 percent of these are joint ventures.
“[Joint ventures] 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,” he further said.
To be specific, 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.