By Arra B. Francia
DAVAO CITY — Cebu Landmasters, Inc. (CLI) expects to generate P3 billion in revenues from the first phase of its mixed-use project called The Paragon Davao, where it will be selling residential condominium and condotel units.
Located in Matina, The Paragon Davao will consist of a residential condominium called One Paragon Place, a condotel operated by Citadines, a convention center, and a lifestyle mall.
One Paragon Place will offer a total of 554 residential units across 26 floors, ranging from studio units sized from 22.4 square meters (sq.m.) to three-bedroom types sized 90.3 sq.m.
“We positioned it in a way that is upscale, but not too expensive,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said during the project’s launch here on Friday.
The company said prices of the units will start at below P100,000 per sq.m., but could rise as demand kicks in.
“We’re very confident on how the market is perceiving us as our sales people have been going to the usual target markets that they are aiming for. We have received so much positive impact, letters of intent are pouring in. So we’re very confident that the take-up will be very strong,” Mr. Soberano said.
Amenities at One Paragon Place include a pool, function room, gym, and meeting room.
One Paragon Place will be CLI’s second residential project in Davao City, following MesaTierra Garden Residences also in Matina district. The company reported that it has already sold 96% out of the 700 units in the project catered toward the middle-income market.
Meanwhile, Citadines Paragon Davao consists of 395 units, 123 of which will be for sale.
“Buyers will be able to enjoy the returns of owning a condominium and sharing the returns of a hotel business. Davaoeños will have the opportunity to own a unit which will be thrown into a rental pool and on a regular basis, get their shares of the returns,” Mr. Soberano said.
Citadines Paragon Davao will have studio-type units sized 24.6 sq.m., and one-bedroom layouts covering up to 47.43 sq.m.
Also included in The Paragon Davao’s first phase is a convention center spanning 4,842 sq.m. in terms of gross floor area. The convention center will have a capacity of 2,500 people, and will also house a grand ballroom sized 1,711 sq.m., event areas, meeting rooms, pre-function areas, a lobby and lounge.
CLI will also build a lifestyle mall with 4,564 sq.m. in gross leasable area, and will be connected to the convention center.
The company will pour in P2.6 billion for the development of the first phase of The Paragon Davao.
Mr. Soberano said they will announce the second phase for the 1.9-hectare property depending on how fast the take-up is. The second phase can include two more residential towers and more retail outlets.