A HOMEGROWN developer who is scheduled for an initial public offering (IPO) this month has pledged to build 3,200 homes in the City of Naga in Cebu over the next two to three years.

Cebu Landmasters Inc. (CLI) Executive Vice President and Chief Operations Officer Franco Soberano said the company will be investing P2.8 billion for Casa Mira South, an economic housing project located in a 32-hectare property within the borderline of Naga and San Fernando town.

By December this year, Soberano said, 400 houses will be completed. Houses in Casa Mira will be built along the lines of modern Filipino-themed architecture.

“The economic market segment is the segment that our country needs, in terms of housing,” said CLI President Jose Soberano III.

The elder Soberano announced that the company will also expand the Casa Mira brand, its economic housing unit, to Dumaguete City and Iloilo City, which will be launched in May and August 2017, respectively.

Ahead of Casa Mira South, CLI also developed the Casa Mira Towers in Labangon in Cebu City, an economic condo project.

Seeing the need for economic housing projects, with house-and-lot packages priced between P800,000 and P1.7 million, CLI has promised to build more Casa Mira subdivisions within Cebu Province, namely in Consolacion and Liloan, among other municipalities.

While there are developers investing in economic housing projects and producing houses of greater number than CLI does, Soberano explained that his Casa Mira developments will offer amenities that are only typically offered in more upscale projects.

Instead of the usual basketball court, Soberano said, Casa Mira South will have three amenity areas. There will be a clubhouse, pavilions, pools, a chapel, multipurpose courts, retail areas, and 24-hour security and property management services.