Developer sets aside P5B for projects in next 5 years
Cebu Landmasters, Inc. chairman Jose R. Soberano III (4th from right) together with suspended Cebu City Mayor Michael Rama (5th from right) leads the groundbreaking ceremony for the new Base Line Center. (CEBU LANDMASTERS INC. FACEBOOK PAGE)
BY THE end of this year, homegrown developer Cebu Landmasters, Inc. (CLI) expects to complete a total of 25 projects.
The company has allocated P5 billion for its ongoing developments in the next two to five years.
It currently has 11 ongoing projects, including the construction of Base Line Center which will offer residential and office condominium units as well as serviced apartments.
“In a span of three years, we have doubled our number of projects,” chief operations officer Jose Franco B. Soberano said during the groundbreaking ceremony yesterday for Base Line Center.
Other ongoing projects are Casa Mira in Talisay, Casa Mira towers in Labangon, Casa Mira South, Velmiro heights, Midori Plains in Minglanilla, and Mivesa in Lahug.
Also slated for groundbreaking this year is a joint venture for an office building in Cebu Business Park in the third quarter and a mixed-use development with serviced apartments across the Oakridge Business Park on A.S. Fortuna St. in Mandaue City.
“2016 is something we feel will continue to be robust,” said Jose R. Soberano III, company chairman and chief executive officer.
The company has properties totaling 55 hectares that have yet to be developed.
Units at Mivesa’s first two buildings are slated for turnover in the first quarter of this year. The third building will be turned over in the second quarter, and the fourth and fifth buildings will be turned over to buyers in the second half of 2016.
Construction of Mivesa’s sixth and seventh buildings is scheduled for the second half of 2016.
Base Line Center, its newest project, will have four towers. Construction of Base Line HQ (Tower 1) and Base Line Premier (Tower 2) will start soon and will be completed by the end of 2018.
About 60 percent of both the residential and condotel units have been sold, Soberano said.
The developer is also looking at developments in Cagayan de Oro, Davao, Ilo-ilo and Bacolod in the second half of 2016.
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