THE National Historical Commission of the Philippines (NHCP) has given the go signal to the Archdiocese of Cebu and Cebu Landmasters, Inc. (CLI) to proceed with the Patria de Cebu project.
In a statement, the listed property developer said it has committed to preserve the historic edifice of Patria de Cebu, and will retain the main Patria building in the final design of the mixed-use development.
“The final design of Patria de Cebu is a collaboration between the Archdiocese of Cebu, CLI and key stakeholders. It was agreed that it is crucial in the redevelopment to keep the main Patria building while integrating it with a new practical structure to preserve the heritage of the Patria for the people of Cebu,” Jose R. Soberano III, president and chief executive officer of CLI, was quoted as saying.
In October 2018, CLI signed a lease agreement with the Archdiocese of Cebu to redevelop the 6,670-square meter property in downtown Cebu.
Under the agreement, CLI will develop and operate the new Patria de Cebu property, located in front of the Metropolitan Cathedral Church, for 40 years.
The master plan involves the renovation of the main Patria building. The first two floors will be used for office and retail spaces. Out of the total gross floor area of 21,000 sq.m., 4,320 sq.m. will be allocated for retail spaces such as dining and entertainment establishments; while 4,400 sq.m. will be for office spaces. The remaining 11,700 sq.m. will be used for a hotel with 167 guest rooms.
CLI said the concept and design for the mixed-use development is inspired by Filipino-Spanish culture, history and architecture.
With the NHCP’s green light, CLI expects construction to begin in October. Commercial operations is targeted by July 2022.
“The retention of the original structure of the front of Patria complex is a product of a conscientious dialogue among stakeholders. The old structure will not just blend with the new development but also make the two work together as one; where the former is never a hindrance to the latter and the new structure respects the old,” Fr. Brian Brigoli, chairman of the Cebu Archdiocesan Commission for the Cultural Heritage of the Church, said in a statement.
CLI reported a 23% increase in its net income attributable to parent to P599 million during the first three months of 2019, on sustained sales of its projects in Cebu. Revenues rose by 48% to P1.87 billion during the period from P1.264 billion last year.
As of the first quarter, CLI has 58 projects, with 27 of which are completed, and 31 still being completed. Within the year, the company is also targeting to launch 26 more projects. — Vincent Mariel P. Galang