CEBU Landmasters, Inc. (CLI) on Monday said it has signed a lease agreement with the Archdiocese of Cebu to redevelop the latter’s 6,670-square meter (sq.m.) property in downtown Cebu.
In a disclosure, the listed property developer said it is allocating P900 million for the redevelopment of the Patria de Cebu property into a mixed-use project.
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.
CLI said the approved master plan includes retail and office buildings, as well as a hotel with a Rome-inspired plaza.
Groundbreaking for project is set for the first quarter of 2019. CLI targets to complete the project in 2021, which will mark the 500th year of Christianity in Cebu.
“We envision the new Patria de Cebu to be a center of culture that will celebrate Cebu’s history and heritage… The new Patria de Cebu will uplift the downtown area that is in need of a master-planned development that connects well to the city’s history while creating new practical functions to serve the community,” Jose R. Soberano III, president and chief executive officer of CLI, was quoted as saying in the statement.
Currently, CLI has 52 projects that are in different stages of development across eight cities in Visayas and Mindanao.
Shares of CLI dipped by three centavos or 0.68 % to close at P4.36 each on Monday. — V.M.P.Galang