CEBU Landmasters, Inc. (CLI) has announced plans to expand its focus beyond Visayas and Mindanao into Luzon.
“We are not just focused now in Vis-Min (Visayas and Mindanao), because we’re trying to penetrate also here in Luzon. We are going to have an office here by May, so it will make us more accessible to the future market when we will have more active projects here in Luzon,” Jose R. Soberano III, president and chief executive officer of Cebu Landmasters, told reporters last week.
The listed property developer is working on expanding to Camarines Sur, considering the attractive prospects that Southern and Central Luzon offer, he said.
“We are starting in the southern portion of Luzon, like Camarines Sur, Batangas, Cavite, and maybe Central Luzon because of good prospects,” he said.
“Although we can also consider some parts of Luzon like Palawan, Puerto Princesa… And we have offers to think about, there are several offers from different landowners here, and they feel very confident that we can replicate them here in Metro Manila,” Mr. Soberano said.
CLI is eyeing an increase in its capital expenditure (capex) budget for this year to fund the company’s major projects
Currently, the company has ongoing township projects in Davao City and Cagayan de Oro. It also has Minglanilla Techno Business Park, a 100-hectare reclamation project located in Tulay, Calajo-an, and Tungkil Minglanilla, Cebu.
The company is also expecting to have 10 fully operational hotels by 2026, with at least four expected to be operated within the year.
To date, CLI’s operating hotels are Citadines Cebu City and lyf Cebu City, while its Mercure Cebu Downtown is expected to be completed in 2024.
The company is still undertaking the construction of its Abaca Resort Mactan, Citadines Bacolod City, Citadines Paragon Davao, Radisson Red, and Citadines Bacolod City.
“But the bread and butter play of residential development, we’re going to continue that, our housing, condos, and mixed use. We need to have balance,” Mr. Soberano said.
CLI has nine ongoing mixed-use property developments in Visayas and Mindanao after it completed the phase 2 construction of Base Line Center in Cebu City. — Ashley Erika O. Jose
