CLI set to develop another P373M residential project in Cebu
INQUIRER FILES
Visayas and Mindanao-focused developer Cebu Landmasters Inc. (CLI) is all set to develop another residential project in its home city, having spent P373.59 million to form a new joint venture company.
In a stock exchange filing on Thursday, CLI said it had entered into a joint venture agreement with Martinez Agricultural Corp. (MAC), which also has interests in realty.
The Soberano-led developer will own 60 percent of the new company, while MAC will hold a 40-percent stake.
READ: CLI opens first hotel outside Cebu City
“CLI’s new joint venture with MAC aims to develop a residential condominium project that is positioned to address the ongoing need and demand of residential condominium in the project area,” CLI said in its filing.
Article continues after this advertisementIt did not provide additional details, saying only that the development would also have a retail component.
Article continues after this advertisementCLI currently has over 124 projects across 17 major locations in the Visayas and Mindanao, equivalent to around 16,000 housing units.
Last month, CLI generated P2.7 billion in sales from selling all 362 units in its Velmiro Heights Davao project within two days.
Its latest horizontal project in Davao City will sit within an 11.52-hectare lot in Barangay Magtuod. Units range from 100 to 258 square meters each and are worth up to P11.15 million.
In Bacolod, CLI also launched the P2-billion Citadines, the largest international hotel in the city. This is also the company’s fourth operational hotel project and first outside Cebu.
CLI booked record revenues, up by 31 percent to P6.2 billion, in the first three months of the year due to strong sales in its residential and hotel segments.
Its bottom line likewise climbed by 15 percent to P978 million.
CLI, which was established in 2003, plans to launch 11 projects worth P27.65 billion this year.
The developer previously said it was seeing strong interest from landowners in Cavite province and Metro Manila, pushing forward its planned Luzon debut this year.
