Firm pours in P5B investment for Bacolod
At least P5 billion worth of investments have been poured in by property firm Cebu Landmasters Inc. (CLI) for Bacolod City, which it considers as the “next big thing” in terms of real estate development.
Forming part of these investments is the company’s maiden three-tower residential project in the Negros Occidental capital city called MesaVirre Garden Residences.
After it was launched in February this year, CLI broke ground for the project last Monday.
CLI chairman and chief executive officer Jose Soberano III, at the sidelines of the groundbreaking activity at the project site yesterday, said the project will be able to attract condominium living in the city.
Soberano reiterated that the project will expand residential growth in the city, which now stands as one of the fastest growing centers in the country.
“Investing here is a manifestation of our confidence in Bacolod City. Obviously, the developments here all point to that direction where investment and business climate are encouraging businessmen like us,” he added.
Located on a 3.6-hectare property on Lacson St. in Barangay Bata, it is the fifth of the company’s garden series in the Visayas and Mindanao. The first four garden residences were established in cities of Cebu, Cagayan de Oro, and Davao.
Construction works for the three-tower residential project started earlier this year.
The three residential buildings with 16, 19 and 18 floors, respectively, have a total of 1,072 studio and single-bedroom units with sizes ranging from 22 square meters to almost 41 square meters.
The completion target for the first two towers is the fourth quarter of 2020, while the third tower is projected to be completed in the last part of 2021.
Soberano’s son, executive vice president and chief operating officer Jose Franco Soberano, said the first two towers are tar- geted to be completed by the end of 2020, prior to the turnover date during the first quarter of the next year.
The younger Soberano said the first tower is already 100 percent sold, and they are now starting to sell the second tower.
“Interestingly, lots of our buyers are locals and overseas Filipino workers,” he said, adding that “because the demand is strong, we might start the construction of the third tower one year earlier of its target period probably by the end of the year.”
After the groundbreaking, CLI officials also signed the joint venture agreement with lot owner Sta. Clara Estate Inc. for the development of an international brand hotel.
The 220-room amenity in a 16-floor structure is considered to be the first hotel project in Bacolod that will carry an international brand.
The older Soberano said it will carry Ascott International’s Citadine brand.
Soberano said this will address the need of clients for a hotel with an international brand, claiming that this will be the tallest building in the city. /