CEBU Landmasters, Inc. (CLI) has partnered with Lyceum of the Philippines University (LPU) for the development of its Davao campus into a mixed-use university township project.
In a statement on Monday, the Cebu-based property developer said it has signed a memorandum of agreement with LPU for the establishment of the LPU Town Davao at Sun City Road, Buhangin, Davao City. CLI will act as the project planner and manager for the development of the 17-hectare property.
“Our vision together with Lyceum of the Philippines University is to make LPU Town Davao a premier university township. CLI is truly honored to work with the higher educational institution that has produced esteemed graduates like our President Rodrigo R. Duterte who puts VisMin as a major area of priority for development,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a statement.
The University Town will have academic, residential, commercial, office, hotel, and convention components, with 5.2 hectares dedicated for the LPU Davao campus. The institution alone will have an academic resource center, a pool, dormitories, maritime center, and a football field.
LPU Davao will be the sixth campus under the LPU system, following Manila, Makati, Cavite, Laguna, and Batangas. It will offer both college and senior high programs.
“LPU is happy to partner with Cebu Landmasters… We are confident that this project will be what we envisioned it to be. We are proud to pioneer this University Town concept, starting with LPU Davao,” CLI quoted LPU Davao President Peter Laurel as saying.
CLI will also be bringing its Casa Mira Towers brand into the development as an alternative housing option for LPU students. The residential condominium will be part of the first phase of the project.
The company is planning to launch 20 projects located in the Visayas and Mindanao region this year, bringing its total number of projects to 66. This includes expanding to General Santos City, Butuan City, Ormoc City, and Roxas City. In line with this expansion program, CLI committed to spend P8.8 billion in capital expenditures for the year.
The listed firm generated a 17% increase in net income in the first three months of 2018 to P498.7 million, lifted by the 14% increase in revenues to P1.26 billion.
Shares in CLI were down by a centavo or 0.2% to close at P4.87 each. — Arra B. Francia
