CLI breaks ground on P1.5B Terranza Residences in Iloilo City
Cebu Landmasters Inc. (CLI) started construction of a P1.5 billion premier residential tower in Iloilo City, prodded by strong economic prospects in the region.
Terranza Residences is CLI’s second project in Iloilo City, the first being Casa Mira Iloilo, which is already 97 percent sold. Expected to be completed in 2025, the 33-story Terranza Residences is now 75 percent sold and is projected to earn P2.4 billion in revenues.
The said project is being undertaken by a joint venture vehicle, GGTT Realty. Under this partnership, CLI is the developer and manager of the premier residential development, while International Builders Corp. (IBC). will build and manage the retail complex to complement the residential condominium.
According to CLI chairman and CEO Jose Soberano III, keen market reception for Terraza Residences, which will rise on a 2,539 sqm property in downtown Iloilo, indicates strong housing demand even for high-end projects in the Visayas and Mindanao. Iloilo is one of the four key VisMin regions with high housing gap coupled with high gross domestic product (GDP) and GDP per capita indicating high spending power.
“The VisMin residential market continues to hold a lot of promise for us. More so in Iloilo, because we have partnered with IBC, a successful local business known also for its philanthropy,” Soberano added.
Like Iloilo, many cities in the region likewise have underserved residential markets.
“Thus, we are rolling out more projects like Terranza Residences in the last quarter of the year,” said Soberano. CLI’s strong reservation sales in the first nine months of the year attest to sustained and strong VisMin housing demand.
Terranza Residences offers one-bedroom units with sizes ranging from 24 sqm to 40 sqm and which can be combined, while sizes of the special penthouse units range from 117 sqm to 174 sqm. The project features a sky lounge, rooftop garden, play area, fitness gym and helipad. Moreover, Terranza Residences has direct access to the mall.
The development is further distinguished by its iconic address close to a heritage protected area valued highly by the community. The building’s design by Edward Co Tan + Architects is thus influenced by the timeless aesthetics of “bahay na bato” and incorporates a stone finish that mimics adobe and big arched windows
The listed company recently disclosed a 13 percent growth in reservation sales in the first nine months to P11.8 billion. CLI has over 100 developments in 15 key cities in the Visayas and Mindanao and will continue expanding VisMin operations to other high potential cities. It is in the process of acquiring more properties to support sustained growth.