Cebu Landmasters, Cebu Archdiocese ink P900M Patria de Cebu deal

By: PR October 29,2018 - 10:18 PM

Cebu Archbishop Jose Palma (2nd from left) and Cebu Landmasters Inc. CEO Jose R. Soberano III (3rd from left) lead the contract signing for the redevelopment of the Patria de Cebu on Monday (Oct. 29) at the 38 Park Avenue Showroom at the Cebu IT Park. (CDN PHOTO/JUNJIE MENDOZA)

LEADING VisMin property developer Cebu Landmasters Inc. (CLI) recently signed a lease agreement with the Archdiocese of Cebu for a P900-million redevelopment of a 6,670 square-meter property in the heritage-rich downtown area of the Queen City of the South.

According to a CLI statement, the Patria de Cebu property, which currently offers budget-friendly accommodations for travelers, will be transformed into a mixed-use development. The approved masterplan will feature an integrated retail, office and hotel structure with a Rome-inspired plaza. The masterplan considers streetscape and pedestrian improvements for the revitalization of the surrounding downtown areas.

CLI and the Archdiocese of Cebu expect to complete project by 2021 to serve as a centerpiece of the 500th year celebration of Christianity in Cebu. Groundbreaking is scheduled in the first quarter of 2019.

Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: Cebu Archdiocese, Cebu Landmasters, deal, ink, P900M, Patria de Cebu

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.