Cebu-based realty company to accelerate projects in 2014-A A +A
Tuesday, February 11, 2014
PROPERTY firm Cebu Landmasters Inc. (CLI) will continue to accelerate projects in 2014, its top official said.
On top of the eight housing projects currently under construction, the homegrown real estate company is planning to develop two more major projects this year, said CLI chief executive officer Jose Soberano III.
Soberano cited the 2,400 square meters (sq.m) planned mixed-used development in Baseline with the Canizares family, which is behind the development of Mango Square on General Maxilom Ave.
“We are ironing out the details with the Canizares about this project. We might launch this towards the third or fourth quarter of the year,” he said.
CLI will also embark on a partnership project for the planned vertical development at the Cebu Business Park. Soberano declined to disclose further details saying the 3,000 sq.m office building project is still under negotiation.
“We remain aggressive in building more homes and office spaces for Cebu. We want to take advantage of this strong market and economy,” he said.
Last Monday, CLI unveiled the showroom for MiVeSa Garden Residences, the largest so far among CLI’s residential projects. Soberano said the showroom will not only serve as the venue for buyers to check the actual units but will also serve as the venue for selling activities among their partners.
MiVeSa Garden Residences is a 1.8-hectare property that will have seven mid-rise buildings located in the middle of Veterans and Salinas Drives in Barangay Lahug, Cebu City.
It is a three-phase project with over 1,400 units.
The first phase of the residential condominium has three buildings with a total of 479 units. The second phase has two buildings with 459 units while the third will have two buildings of 500 units.
Soberano said the first three buildings were already 98 percent sold, while the next two buildings were already 50 percent sold. Completion of the first two buildings is scheduled in the second quarter of 2015, while the next three buildings is set for completion in the last quarter of 2015. Towers 6 and 7 are still on the planning stage.
Soberano attributed the fast sales take-up to the expanding middle-class and overseas Filipino workers who opt to buy condominium units as investments. He assured their buyers that their buildings are well-built and designed and can withstand strong typhoons and earthquakes.
In the meantime, Soberano announced it will temporarily put on hold the expansion plans outside Cebu province, saying he is not yet done building here.
CLI has existing landbanks in Cagayan de Oro, Iloilo and Bohol.
Published in the Sun.Star Cebu newspaper on February 12, 2014.