CLI to spend P10B for three projects in Davao
By Carmelito Q. Francisco, Correspondent
DAVAO CITY — Cebu Landmasters, Inc. (CLI) is investing about P10 billion for its three projects in the city next year, its top official said yesterday.
At the inauguration of the showroom of the Paragon Davao, Jose Franco B. Soberano, CLI executive vice-president and chief operations officer, said the money will be used for the developments of the Paragon Davao, the Davao Global Township (DGT) and the Lyceum of the Philippines University (LPU) township.
Both the Paragon DGT are the partnership of the company with the landed YHES, Inc., the company of one of the biggest property owner clans in the city, the Huang-Villa Abrilla-Tan. Their first partnership was MesaTierra Garden Residences, also a condominium project.
On the Paragon Davao, the company is putting up its second of the seven towers after selling about 90% of the 554-unit first tower, or about P2 billion, said Mr. Soberano.
At the 25-hectare DGT, the company is investing in the development of the first phase that will include setting up access roads and a retail component which will offer a “unique retail experience (that is) very homegrown, meaning very upscale but affordable by all,” he said, adding that the component will be modeled after a mall in Los Angeles, USA which is “hayahay (comfortable).”
Another part of the first phase development of the DGT, which used to be a golf course, will also include a civic center whose designer will be a top architect that will make the project “a cultural museum for Davao.”
Mr. Soberano also told BusinessWorld part of the money will also be used in the development of another access road and the first residential tower of the two-tower LPU township.
Saying the company has enjoyed fast takeup of its projects, Mr. Soberano said that its experience in real estate development as well as in its partnership with the YHES, Inc. has contributed to its better than expected revenue.
“Our locations are best in class locations and future proof,” he said, explaining that the locations are marketable as they are closer to places of work and schools.