CLI bets big on Davao with P12.6-B worth of projects

By Arra B. Francia, Reporter
MATINA, DAVAO CITY — Cebu Landmasters, Inc. (CLI) has unveiled P12.6 billion worth of projects in Davao City, strengthening its presence in the country’s second fastest growing economy.
The listed property developer broke ground for the 22-hectare Davao Global Township (DGT) here on Friday, in partnership with the Villa-Abrille family through YHEST Realty & Development Corp.
The Villa-Abrille group previously used the property as a golf course, until it decided to partner with CLI for the land’s development into a mixed-use estate over the next 15 years.
At the same time, CLI also launched The Paragon Davao, a 1.9-hectare mixed use property in partnership with Davao Filandia Realty Corp. and Yuson Strategic Holdings, Inc.
“This is in line really with the Build, Build, Build campaign under the President Duterte. That’s exactly the thrust of this particular project, which would like to embrace this particular endeavor of promoting ecotourism, and at the same time knowing the enhancement that we could provide to the community,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a speech during the groundbreaking ceremony at the project site on Friday.
DGT — seen as Mindanao’s answer to Metro Manila’s Bonifacio Global City — will be developed in three phases, with the first to include road developments, an office tower, two residential towers, retail buildings, and a convention center.
CLI will pour P10 billion for phase 1, which is set to deliver 93,000 square meters in gross floor area by 2022.
“Before summer is start of land development, utilities, drainage. Towards the end of next year, we hope to start with the retail village and park. That’s similar to what they have in the Fort Strip in BGC, in the next two years,” CLI Chief Operating Officer Jose Franco B. Soberano said in a briefing after the groundbreaking ceremony.
Phase 2 will see the development of a mall, a hotel, more residential towers and offices for business process outsourcing (BPO) companies. The third phase will include the rest of residential projects and retail areas.
Overall, DGT will have more than 20 residential towers, 10 office buildings, one to two hotels, a one-hectare public park, a mall, a civic center, a hospital, and a school in partnership with the De La Salle University.
Meanwhile, CLI also launched on Friday The Paragon Davao, set to house a 26-storey residential tower called One Paragon Place, a 263-room Citadines Paragon Davao managed by serviced residence operator The Ascott Limited, a convention center, and a lifestyle mall.
“The project is expected to help pump-prime economic activity in southeastern Davao City, where Davao Global Township is also located,” the company said.
The company will be spending P2.6 billion for the first phase of The Paragon Davao. The entire property is scheduled to be completed by 2022.
DGT is CLI’s second project in Davao City, following residential tower MesaTierra Garden Residences. The condominium with more than 600 units is now 96% sold.
CLI’s attributable profit slipped 3% to P932.73 million in the first nine months of 2018, amid a 33% jump in gross revenues to P3.69 billion.