CLI bares residential, hospitality projects

Listed developer Cebu Landmasters Inc. (CLI) is bringing its residential and hospitality developments to Bohol.

A 500-unit residential subdivision will mark CLI’s first foray in Bohol to be erected in Panglao Island this year.

After which, the Cebuano-developer will erect a resort and residential project in a recently acquired five-hectare property, still on Bohol’s prime tourism island.

CLI chairman and chief executive officer Jose Soberano III said they expect to spend around P1 billion for the construction of the subdivision.

He, however, declined to disclose specific details for the second project, as they are still finalizing these. He hinted though that they might offer the project as a condo-hotel investment.

“Bohol is moving too fast,” said Soberano, adding that they intend to be part of the island province’s fast growth trajectory.

Outside investors have since eyed Bohol as a prime tourism and investment destination due to the province’s healthy economic growth story.

By August this year, Bohol will open its island to more trade and tourism activities as it unveils the New Bohol International Airport in Panglao, the country’s firsteco friendly airport terminal that can accommodate up to 800,000 guests.

“CLI is positioning to be very active in the hospital tourism industry in the Visayas-Mindanao area because of the opportunity and the upside in the industry,” said Soberano.

CLI disclosed it is on track to meet its P7-billion reservation sales target this year after sales rose 24 percent in the first three months.

From January to March, the listed company sold P2.7 billion of its ongoing developments, reaching 38 percent of its fullyear goal.

“I’m happy to report that CLI is off to a record-breaking start in 2018, recording our highest quarterly reservation sales at 2.7 billion,” said Soberano, in a statement.

“This validates that our Visayas and Mindanao expansion has been well-received by the market, and we still see several opportunities to expand in these key VisMin cities,” he added. /