Cebu Landmasters doubles landbank portfolio in VisMin
SINCE it made its initial public offering year, the landbank of Cebu Landmasters Inc. (CLI) has doubled to 120 hectares across different locations in the Visayas and Mindanao.
This was revealed by Jose “Joe” Soberano III and Franco Soberano, CLI’s top honchos, in a press conference last August 8 held prior to the official launching of Astra Centre, the company’s second mixed-use project.
“The 1.2 million square meters or 120 hectares as of last count are available for both subdivision and urban development,” said Joe Soberano, CLI chief executive officer.
With the company’s latest issuance of P5 billion-corporate notes , Soberano is confident that CLI can further double its existing landbank within 12 months.
Last month, the company disclosed that proceeds of the corporate notes facility agreement will be used for the “strategic land acquisitions of the company in Cebu, Dumaguete, Bacolod, CDO, and Davao, including new expansion areas such as Bohol, Iloilo, Butuan, and General Santos City.”
“Part of the proceeds will also fund the development of the 22-hectare central business hub in Matina, Davao,” CLI said in a disclosure to the Philippine Stock Exchange.
Soberano said they will pursue projects in three locations in Cebu and work with CLI’s established brands such as Mivesa and Casa Mira.
“We will also pursue the resort-hotel project that we are eyeing in Mactan. There is a real estate development that will follow the same direction as the central business district in Davao,” he said.
Soberano said CLI will be adapting the mixed-use developments in many future projects.
“Mixed-use projects, integrated developments are the waves of the future for Cebu Landmasters,” he said.
He made this statement after discussing the features of the P3.6 billion Astra Centre located on A.S. Fortuna Street in Mandaue City that will feature a mall, residential condominium and the first Radisson RED hotel in the Philippines.
In 2015, CLI launched its first mixed-use project, Baseline Center, in Cebu City.
Soberano said more mixed-use projects will be located in Davao, Cagayan De Oro, Bacolod and Iloilo.
Aside from these developments, Soberano also emphasized the company’s commitment to develop socialized housing with the cities of Bogo and Carcar as two project sites in their portfolio.
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