Cebu-based developer launches projects in VisMin
38 Park Avenue will offer a taste of the upscale New York lifestyle.
Property developer Cebu Landmasters Inc. flexed its capacity to address specific market needs with four new projects.
A high end project in Cebu and a mid-market development in Davao were both launched in March this year, while economic housing projects in Cebu and in Dumaguete City are set to be unveiled this month. These projects are expected to boost the developer’s leadership in Metro Cebu, and expand its presence in the entire Visayas and Mindanao, where it targets to be a dominant player in three years.
The Cebu project, called 38 Park Avenue, is located within a 1.17-hectare property at the Cebu IT Park.
This 38-storey high-end development, which will offer a taste of the upscale New York lifestyle, will have 745 residential units, a retail plaza and an office building.
Mesa Tierra Garden Residences, the developer’s first foray in Davao, is a 22-storey residential condominium located along E. Jacinto St. in Davao City.
The project, which will have 694 units and garden-inspired features and amenities, was already 80 percent sold in less than a month after it was offered.
Casa Mira, meanwhile, has been Cebu Landmasters’ flagship economic housing brand offering vertical and horizontal projects.
Casa Mira South in Cebu and Casa Mira Coast Dumaguete will offer two-storey townhouse units with cuts ranging from 36 to 66 sqm. Casa Mira South will offer approximately 3,200 units that will be put up in three phases, while Casa Mira Coast Dumaguete will have 550 units.
Cebu Landmasters is currently one of the leading local condominium developers in Metro Cebu with an 11 percent share in the total supply of condo units in the metropolis.
Cebu Landmasters was founded by real estate industry veteran Jose Soberano III, currently its president and chief executive officer. Soberano was affiliated with Ayala Land for several years and had helped in the development of two of Cebu’s most valuable property projects, Cebu Business Park and Cebu IT Park.
The company started with a 213-unit economic housing project called San JoseMaria Village in Balamban south of Cebu in 2003. From purely horizontal residential developments, the company ventured into vertical, mixed-use office developments and diversified into the various segments of the property market.
Today, the company is present in the socialized, economic, mid-market, and high-end segments catering to all types of budgets, and consistently delivering best value.
Being a homegrown player, Cebu Landmasters enjoys an advantage over other big players because of its familiarity with local communities, allowing it to choose the best locations, suppliers and dealers. This also gives it the capacity to tailor-fit its projects to the needs and preferences of Vismin buyers.
Cebu Landmasters sells faster than its peers in Cebu and enjoys a quick take-up. Ninety-six percent of its completed projects have been sold out. Its mid-rise condominium format Mivesa Garden Residences and its economic housing brand Casa Mira Linao in Cebu were both sold out in less than three months.
Cebu Landmasters has also set a benchmark in the speed of delivering projects. On average, the company can convert raw land into a completed project in two to three years depending on size.
Cebu Landmasters has a total of 28 developments and from its current portfolio of projects, it has a mix of 80 percent residential, 18 percent commercial and office, and 3 percent hotel.
The company has filed an application with the Securities and Exchange Commission to sell 505 million shares through an initial public offering to support its aggressive campaign in the VisMin region, where it aims to be the most preferred developer by 2020.
Cebu Landmasters, which intends to be the first Cebu-based developer to go public, ended 2016 with sales exceeding the P2-billion mark and a net income of P702 million, up 30 percent from a year ago.
