Cebu Landmasters, partners ink MOA for Matina project
WHAT is now the Matina Golf Club will be converted into Davao’s Central Business District (CBD) as the joint agreement between developers was signed last Monday, December 11.
During a media briefing on Monday at Seda Abreeza Hotel, Cebu Landmasters, Inc. (CLI) signed the partnership agreement with Plaza De Luisa Development Inc., Yuson Newton Corp. & Yuson Strategic Holdings Inc., Davao Primeland Properties Corp., Davao Filandia Realty Corp.
The 17-hectare property, which had been owned by the Huang family, being descendants of the Villa-Abrille clan, had been expanded to almost 20 hectares after CLI acquired the adjacent 2.2 hectare lot. Currently, the joint venture (JV) targets further land area expansion of up to 22 hectares and additional land acquisition is ongoing.
“The property has been utilized as a golf course since 1960s and this is the best time to transform it into a business park to be able to contribute to the economic and social development of the city,” Yuson Strategic Holdings, Inc. CEO Frederick Yuson said.
The CBD targets to have seven office buildings, four retail buildings (indoor mall, cineplex mall, standalone, retail podium), 29 residential condominium buildings, six townhouse-style building, one hotel, one convention center, one medical building, and a civic/ community center.
The first phase of the development, which is targeted to start by the later part of 2019 and to finish by 2021, will consist of the office tower (50,000 ground floor area), retail complex (18,000 GFA), residential condominium (22,000 GFA), and civic community center components (3,000 GFA).
Living up to its name as a future business district inspired after Cebu IT Park and the Bonifacio Global Center, business process outsourcing (BPO) and IT parks are expected to be built in the project as well.
CLI CEO Jose Soberano III estimates that the entire first phase will cost about P10 billion only including the building construction side.
Soberano also announced that the construction of the De La Salle University in Davao City, particularly in that development, will come in later phases of the project.
“This will not only contribute to making the place more aesthetically developed or making it presentable to the community, but it wil provide and enhance the other peripherals of development, providing more emploment, generating taxes, easing up the traffic, making things more environmentally-friendly. These are the types of projects we are proposing in our development,” Soberano said.
With the future land and vertical construction, the project targets to employ about 10,000 construction workers for the entire project.