CEBU Landmasters, Inc. (CLI) continues its expansion in the Visayas and Mindanao region with a proposed university town project in Cagayan de Oro (CDO) and the launch of two residential projects worth P1.26 billion in sales.
In a statement Wednesday, the listed property developer said it has received a notice of interest from Xavier University-Ateneo de Cagayan (XU) for the development of the latter’s 63.5-hectare property known as Manresa. The property is located near XU’s 12-hectare basic education campus in Pueblo de Oro.
CLI is looking to acquire a 14.3-hectare portion of the Manresa property to develop commercial, residential, office, and leisure projects next to the university town. The company also looks to acquire part of XU’s campus along Corrales Avenue and transform it into a central business district.
These acquisitions will finance the development of the Manresa campus, which will feature modern school buildings, dormitories, a main plaza, interconnected courtyards, an amphitheater, and a university forum with a museum, theater, and gallery.
It will also fund the redesign of the Corrales campus for XU’s School of Medicine, College of Law, and most of its graduate programs.
The Cebu-based developer noted that its masterplan was chosen over proposals from other nationwide property players. The company will need final approval from the university’s central leadership before proceeding with the project.
CLI noted that XU has been mulling a move out of its six-hectare main campus in downtown CDO. The Corrales campus has been able to accommodate up to 11,000 students prior to the implementation of the K12 program. The new Manresa campus is seen to increase its student population to 25,000.
“This possible venture with Xavier University will potentially be our second estate project in Mindanao after our Davao Global Township (DGT),” CLI President and Chief Executive Officer Jose Soberano III said in a statement.
CLI is currently spending P33 billion to develop the 22-hectare DGT in Matina, Davao City, with the first phase seen to be completed by the third quarter of 2023. Meanwhile, CLI said it launched Casa Mira Towers CDO in Barangay Kauswagan. The project will feature two towers consisting of 986 units ranging from 20-36 square meters for studio and one-bedroom units, respectively.
For Casa Mira Towers CDO, CLI is spending P824 million for the project which will be completed in the fourth quarter of 2022.
The company also unveiled Velmiro Uptown CDO that houses 396 house and lots in a 14-hectare gated subdivision in Upper Canitoan area of Uptown CDO. The company is investing P437 million for the horizontal project scheduled for completion by the fourth quarter of 2021. CLI’s net income attributable to the parent grew 23% to P598.54 million in the first quarter of 2019, after gross revenues jumped 49% to P1.88 billion.
Shares in CLI rose 0.39% or two centavos to close at P5.20 each at the stock exchange on Wednesday. — Arra B. Francia