Cebu developer expands middle-class targeted projects in Visayas

Property developer Cebu Landmasters is bringing P3.54 billion of fresh residential inventory to the Visayan market, targeting the middle-income and economic housing markets, with the launch of two new projects this week.

The two residential projects offer a combined 1,615 housing units in two key areas of Negros island—Bacolod City and Sibulan, Negros Occidental.

The first project is a residential condominium development, Mesavirre Garden Residences, which will make available 1,072 units ranging from 22 to 40 square meters. Located at the heart of the city designed to appeal to business process outsourcing (BPO) employees and other office workers and overseas Filipinos, it will have three buildings and a combined sales value of P2.63 billion.

The Bacolod condominium project is now selling for 75,000 to 80,000 per square meter, suggesting that condominium prices will range from as low as P1.65 million to as high as P3.2 million per unit.

The second project, Casa Mira Coast in Sibulan, offers 543 economic townhouse units sized 38 to 58 square meters in an area easily accessible to Dumaguete City, also an emerging BPO hub and growth center. Total sales value of this project, which offers units priced at P1.4 million to P2.2 million, is P908 million.

The first two towers of Mesavirre are targeted for completion by the fourth quarter of 2020. On the other hand, the Casa Mira Coast project is expected to be completed by 2020.

Jose Soberano III, CLI president and chief executive, said the firm was in a unique position to meet real estate demand in the Visayas-Mindanao region, this area being its bailiwick.

“We’re seeing a lot of economic growth in the South and where there is growth, demand for housing follows especially among the emerging middle class. We are now replicating our housing successes in Cebu in other cities in the Visayas with relative ease given our strong relationships in the area and keen understanding of the market,” he said.

He said the firm was set to roll out a total of 16 projects this year. —DORIS DUMLAO-ABADILLA