CLI to develop P4-B Davao project
Property developer Cebu Landmasters Inc. (CLI) announced on Friday plans to develop a P4-billion mixed-use project in Davao City.
The company, which raised P2.9 billion during its initial public offering last June, said the project would include an international-branded hotel, convention facilities, four residential towers and a “boutique” retail podium.
For the project, it signed a joint venture deal with Yuson Strategic Holdings Inc. and Davao Filandia Realty Corp.
The joint venture firm was named Yuson Huang Excellence Soberano Inc.
“Economic opportunities in Davao, the strong and deep roots of our partners in this city and our expertise in project development ensure a high success rate for this project,” CLI president and chief executive officer Jose Soberano III said in a statement.
“Together with our joint venture and management partners, we are committed to bring a modern and comfortable city lifestyle to Davao City, providing Davaoeños everything they need in one venue,” he added.
The builder said the first phase of the project would include a 250-room hotel and serviced residence named Citadines Riverside Davao. This will be managed by The Ascott Ltd., the world’s largest service residence operator.
The first phase will also feature the first of four residential condo towers, boutique retail and convention facilities. These facilities will be operational by 2021, the developer said.
Citadines Riverside Davao—the first Citadines-branded property in the largest city in the country—will have units with floor areas between 25 and 45 square meters.
“We are very happy to partner with CLI in its second Citadines and The Ascott Limited’s first in Davao,” said Arthur G. Gindap, The Ascott Ltd. regional general manager for Philippines and Thailand.
This is the latest addition to CLI’s growing mixed-use portfolio which also includes the Base Line Center in Cebu, 38 Park Avenue in Cebu IT Park, and Astra Centre in Mandaue City.—MIGUEL R. CAMUS
