DAVAO CITY — Cebu Landmasters, Inc. (CLI), in partnership with Davao-based Yuson Commercial Investments, Inc., on Friday broke ground for its first residential condominium in the city as part of efforts to expand its presence outside Cebu.
CLI and Yuson Investments formed a joint venture firm, Yuson Excellence Soberano, Inc. (YES, Inc.), for the 694-unit MesaTierra Garden Residences. The 22-storey tower 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 (CEO) 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 MesaTierra, YES, Inc. has three other projects in the pipeline.
The company plans to launch the Riverside project on a three-hectare area along MacArthur Highway “in the next few months.”
Frederick H. Yuson, CEO 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 project being planned is a four-hectare complex in the Times Beach area.
“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, CLI inked a deal with Davao City’s Huang and Yuson families for the conversion and development of the 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
