CEBU Landmasters Inc. (CLI) signed a joint venture agreement for a P4-billion project with two businessmen from Davao City.
“Economic opportunities in Davao, the strong and deep roots of our partners in this city and our expertise in project development ensure a high success rate for this project,” Jose R. Soberano III, CLI president and chief executive officer, said in a statement.
CLI, Cebu’s homegrown property developer, has signed the deal with Yuson Strategic Holdings Inc. and Davao Filandia Realty Corp. The Davao companies were represented by Frederick Yuson and Jason V. Huang, respectively. Their joint venture is named YHES (Yuson Huang Excellence Soberano) Inc.
CLI said its project in Davao City is a mixed-use development that will house an internationally branded hotel, four residential towers, a boutique retail podium and convention facilities. The project adds to the company’s mixed-use portfolio that includes Base Line Center in Cebu, 38 Park Avenue in Cebu IT Park, and Astra Centre in Mandaue City.
A 250-room hotel and serviced residence, named Citadines Riverside Davao, will be the anchor of the project’s first phase. Service residence operator The Ascott Limited will manage the facility.
The first Citadines-branded property in Davao City will have units with floor areas between 25 and 45 square meters.
Phase one, which is expected to be operation by 2021, will also feature the first of four residential condominium towers, boutique retail and convention facilities.
Shares in CLI were trading higher by 0.41% at P4.88 each on Thursday.
