DAVAO CITY — Cebu Landmasters, Inc. (CLI), in partnership with Davao-based Yuson Commercial Investments, Inc., broke ground on Friday, Oct. 20, for its first project in the city, a 22-storey condominium.
CLI and Yuson Investments have formed a joint venture firm, Yuson Excellence Soberano, Inc. (YES Inc.), for the 694-unit MesaTierra Garden Residences, which is targeted for completion by 2020.
“This is a milestone event. This project has a 36-month timetable but we will exert efforts to complete it earlier,” CLI Chief Executive Officer Jose R. Soberano III said.
Mr. Soberano said they have sold nearly 90% of the units since pre-selling started early this year, with overseas Filipino workers from Davao City and neighboring provinces comprising the bulk of the buyers.
“That is how strong the market is,” he said.
Apart from MessaTierra, YES Inc. has three other projects in the pipeline.
One, planned for launching “in the next few months”, would be the “Riverside” project to be built on a three-hectare area along McArthur Highway.
Frederick H. Yuson, chief executive officer of Yuson Investments, said Riverside will be located next to the Ateneo de Davao High School and will house the Ascott Residences and Condominiums.
Another would be a four-hectare complex at the Times Beach area, possibly mixed-use.
“We’re still contemplating what’s the best thing for that, maybe an event center or maybe a residential or just food complex,” Mr. Yuson said.
In May this year, CLI also inked a deal with Davao City’s Huang and Yuson families for the conversion and development of the 18-hectare Matina Golf Course into a central business district (CBD).
Mr. Soberano earlier said they are considering partnerships or selling portions of the planned CBD area to other developers. It is envisioned to have a hotel, school, business process outsourcing offices, as well as residential and commercial components.
“And definitely there’s more to come after these four projects,” Mr. Yuson said. — Maya M. Padillo and Carmencita A. Carillo
