Cebu Landmasters expands landbank

Cebu Landmasters Inc. (CLI), a real estate company focused on Visayas and Mindanao, has built up its land bank to 976,302 square meters, funded by proceeds from its initial public offering.

In a disclosure, CLI said around 70 percent of the funds have been used in acquiring land in strategic areas where it is now aggressively developing new projects.

Of the landbank, 41 is in Mindanao, 33 percent in the Visayas and 26 percent in Cebu, said CLI president and CEO Jose Soberano.

“We have developed 420,573 sqm of our landbank after the IPO. We now have 52 projects in various developments and we’ve already expanded to eight key cities in VisMin,” Soberano said.

CLI made its debut on the Philippine Stock Exchange last year after generating P2.15 billion fresh capital from investors. It successfully sold 430 million shares at P5 per share, the proceeds of which were intended to boost growth through expansion in new areas.

With the IPO proceeds, CLI bought a total of 767,917 sqm. of land in Cebu, Davao and Cagayan de Oro and added inventory in new locations in Bohol, Bacolod and Iloilo.

CLI’s 52 projects currently in various stages of development are located across Vismin’s key cities: Cebu, Mandaue, CDO, Davao, Bacolod, Dumaguete, Iloilo and Bohol.

The developer recently launched the P3.6 billion Astra Center, its second mixed-use property strategically located on a 1.2-hectare lot at the heart of A.S. Fortuna Street in Mandaue City, Cebu.

The project will have residential towers, modern office spaces, an upscale boutique mall and world-class hotel for millennials, Radisson RED, which is also the first in the Philippines. Phase 1 of the development will be finished in fourth quarter of 2021.

Moving forward, CLI will soon introduce another mixed-use property and a business district in Davao City.

“Premier series is designed for the high-end market, Garden Series condominiums and Velmiro homes are brands to serve the mid-market segment, and Casa Mira is for economic housing,” he said.

“We started introducing the Garden Series in Davao, CDO and Bacolod and the results have been exceptional,” Soberano said, adding that the developer will soon bring Velmiro and Casa Mira to new VisMin locations.