Cebu Landmasters expands to Iloilo to develop condo, low-cost housing
Property developer Cebu Landmasters Inc. has signed a deal to develop a P1.5-billion residential condominium project in Iloilo, expanding its footprint in its Visayas-Mindanao bailiwick.
CLI signed a joint venture agreement with businessman Alfonso Tan, chair of local construction and property development firm International Builders Corp. (IBC), for the high-rise residential tower on a prime corner lot in downtown Iloilo. This will be the first condominium offering in this area.
CLI will own 50 percent and will manage the development, while IBC, which built the GT Town Center Mall in Pavia, will simultaneously develop a downtown mall that will connect to the residential tower.
Jose Soberano III, CLI chief executive, said: “We are very proud to forge this partnership with Mr. Alfonso Tan and his family. He has established IBC as the leading construction firm in the region, and both our homegrown companies are motivated by the opportunity to contribute further to Iloilo’s exceptional growth.”
The project is targeted to be completed within a four-year time frame.
Within that period, CLI also intends to build close to 1,200 units of economic housing in its 14-hectare Casa Mira Iloilo project in Jaro. The land development for the project, wholly-owned by CLI, has already commenced.
To date, CLI has projects in nine cities in Visayas and Mindanao outside of its home base Cebu City. From employee housing, it popularized residential condominium living in strategic urban locations in Cebu City, Cagayan de Oro and Davao City.
Currently, CLI has a range of housing brands from starter homes to residential condominiums to top-end residential units. By the end of September, it has already launched P14 billion worth of projects, including mixed-use complexes.
CLI grew its nine-month net profit attributable to equity holders of parent firm by 77 percent year-on-year to P1.6 billion, driven by strong demand for residential products in the Visayas-Mindanao region. The company declared revenues of P5.9 billion at end-Sept., up by 59 percent from the previous year’s level.