Cebu Landmasters, Inc. is expanding to Cagayan de Oro City in Mindanao while strengthening its portfolio in Cebu.
Jose Franco B. Soberano, chief operating officer, said they have earmarked about P3 billion for three projects that will be launched in the third or fourth quarter of this year.
Their first project outside Cebu is a three-tower condominium complex called Mesa Verde Residences in Cagayan de Oro, he said.
It will be launched in the last quarter of this year and will have around 700 units.
“We see CDO as similar to how Cebu was five years ago,” Soberano said.
In Cebu, Landmasters will launch Base Line Center in mid-September and Casa Mira Towers Labangon in October.
Base Line Center is a one-hectare mixed-use development that will rise on the site of the defunct Baseline Restaurant and Recreation Center, a former landmark along Juana Osmeña St. Phase one of the project will consist of two towers with 21 and 26 levels, respectively.
“The location is very close to schools, retail areas and is located in the city. We wish to revitalize the area, because this is one of the few remaining large patches of undeveloped land,” Soberano said.
Casa Mira Towers Labangon is aimed at the economic housing segment. The company also launched recently Casa Mira Linao in Talisay City, which offers 725 house-and-lot and townhouse units.
“We are being more versatile, and catering to other markets,” Soberano said.
An office development in the Cebu Business Park is also in the planning stage. But Soberano said this will not be launched this year.
Asked about the risks of overrun real estate projects in Cebu, he said demand is still high for the industry and that an “overdevelopment of projects” is not an issue.
There is a demand for residential areas that are closer to work or leisure places, said Alana Olavides-Soberano, treasury department manager. Traffic conditions in Cebu, although still better than in Metro Manila, are prompting people to live nearer their workplace or school, she said.
Cebu Landmasters has around 20 projects.
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