■ CEBU LANDMASTERS INC. LAUNCHES CORPORATE TOWER AT CEBU BUSINESS PARK
Leasing accounts for less than 5 percent of Cebu Landmasters’ portfolio, but officials expect it to grow with the addition of a 24-storey office building in the Cebu Business Park
Officials of Cebu Landmasters Inc. ( CLI) expect their leasing business in the Visayas to beef up with the launching of their new corporate tower at the Cebu Business Park. The Latitude Corporate Center will be a 24- story office building on a 3,000- square meter land beside the Pag- ibig corporate office. It’s a joint venture of CLI with Borromeo Bros. Estate Inc. Office spaces will range from 60 to 2,000 square meters. Only 20 percent of the available office spaces will be for sale, while the remaining spaces will be for lease. Currently, CLI has Park Centrale in Cebu IT Park as its major leasing income source.
Exactly a week since its debut in the Philippine Stock Exchange (PSE), Cebu Landmasters Inc. (CLI) launched a new corporate tower in Cebu City, which officials expect will beef up their leasing business in the Visayas.
The Latitude Corporate Center will be a 24-storey office building on a 3,000-square meter land in Cebu Business Park, beside the Pag-ibig corporate office. It’s a joint venture of CLI with Borromeo Bros. Estate Inc.
The newest addition to CLI’s portfolio will become one of the leasing income sources of the developer, and the company intends to finish it in the fourth quarter of 2019. Business process outsourcing (BPO) companies, retail outlets like restaurants and convenience stores, as well as executive offices are expected to occupy the building.
“Our leasing business is still very minimal at less than five percent (of CLI’s real estate portfolio), and we want to grow that,” said Jose Soberano III, the company’s president and chief executive officer (CEO), in an interview at the sidelines of Latitude’s groundbreaking ceremony.
Office spaces will range from 60 to 2,000 sq.m. Only 20 percent of the available office spaces will be for sale, while the remaining spaces will be for lease.
Companies that have signified their interest to locate in Latitude, but Soberano preferred not to disclose which ones at the moment. However, for the for-sale office units, he said close to 80 had already been sold.
David Leechui of Leechui Property Consultants is the exclusive leasing agent for Latitude.
As part of the company’s effort to expand its leasing busi- ness, CLI has prepared some projects, including Citadines by Ascott, a hotel in one of the towers of Baseline Center; the mixeduse 38 Park Avenue in Cebu IT Park; and a condotel along A.S. Fortuna St. in Mandaue City that will be launched within the year.
Currently, CLI has Park Centrale in Cebu IT Park as its major leasing income source.
In Mindanao, CLI has also prepared leasing project opportunities following its joint venture with the Yuson and Huang families to develop an 18-hectare business district in Matina, Davao City. Soberano said that CLI projects in the Visayas, to include Bacolod, Dumaguete, and Iloilo, will be launched soon.
Much of the company’s income comes from residential projects. In 2012- 2016, CLI recorded compounded annual growth rates of 61 percent ( P320 million in 2012 to P2.2 billion in 2016) in sales and net income growth of 150 percent ( P17 million in 2012 to P702.3 million in 2016).