CLI boosts landbank in key cities
CEBU LANDMASTERS, Inc. (CLI) is boosting its landbank in key cities in Visayas and Mindanao, as it prepares to ramp up expansion in the next few years.
In a statement, the housing developer said it increased its landbank in the region to 1,245,485 square meters (sq.m.), 36% higher year-on-year.
CLI said the company is looking to invest P50 billion in a range of projects in these properties Cebu, Davao, Bacolod, Iloilo, Ormoc, Dumaguete and Bohol.
“Our landbanking activities are driven by the opportunities presented by each local market. We only purchase a property if we are certain we have an appropriate project for the site to meet a community’s needs and if we can develop that project in the next two to three years,” CLI Chairman and CEO Jose R. Soberano III was quoted as saying.
The company said it used internally generated funds and bank financing for the acquisitions.
The bulk of the land acquisitions in 2019 are owned by CLI, while 21% are joint ventures.
Mr. Soberano noted that joint ventures “allow CLI to access high-value sites without requiring from the firm intensive capital outlay. We also benefit from our partners’ expertise and established presence in the new markets.”
CLI partnered with Iloilo businessman Alfonso Tan, chairman of International Builders Corporation (IBC), for a high-rise multi-tower condominium project in Iloilo City’s downtown area.
The developer also teamed up with Aboitizland, Inc. for a mid-market multi-tower condominium project in Mandaue City.
CLI and Borromeo Brothers are again launching a joint venture for a two-tower condominium in Cebu City. The two companies have previously developed Latitude Corporate Center.
The company is rolling out several projects in Cebu, such as redevelopment of the Abaca Resort Mactan and a resort property with a hotel and condominiums in Mactan.
CLI also acquired an adjacent lot of over 48,000 sq.m. to be used for the expansion of Casa Mira South in Cebu. Also in Cebu, CLI is developing a mixed-use community with hotel, office and retail spaces in a lot in Cebu Business Park.
In Davao, the company acquired a 28-hectare property for its first horizontal development in the area. Through a joint venture company with YHES, CLI purchased the adjacent lots for the expansion of The Paragon Davao.
In Bacolod City, CLI bought an 11,000 sq.m. lot which will be the site of condominiums to be completed in 2021.
The company purchased a 91,065 sq.m. property in Ormoc and a 71,181 lot in Dumaguete, which will be both used for Casa Mira projects. It also secured a 36,000 sq.m. lot in Bohol.
“Our projected pipeline of projects targeted towards the VisMin buyer means sustained growth for CLI and added value to our shareholders,” Mr. Soberano said.