LISTED developer Cebu Landmasters Inc. (CLI) topped off on Wednesday, March 6, its P1.5 billion Latitude Corporate Center.
The office tower located in Cebu Business Park will be the new home of tenants from the business process management (BPM) and retail industries.
CLI chief executive officer Jose Soberano III said the companies from the BPM, information technology and banking industries have long expressed interest to locate in the 24-storey corporate building.
“We expect to turn over the units in the fourth quarter of 2019. We will be opening the building for site visits in the second quarter for companies interested in leasing space,” Soberano said.
As of now, all of Latitude’s sellable units, which comprise 20 percent of the total floor space, have been sold, while the remaining 80 percent are for lease.
The leasable spaces include the executive (small), enterprise (medium) and BPM spaces while retail spaces are available at the ground and second floors.
Joint venture
Latitude Corporate Center is the first joint venture project of CLI and Borromeo Bros. Estate Inc. through the BL BCP Ventures Inc. The project broke ground in June 2017.
“This 83-unit corporate building can accommodate companies looking for small, medium or large office spaces with unit sizes ranging from 60 up to 2,000 square meters (sq.m),” said Jose Daniel Borromeo, managing director of the Borromeo Bros Estate Inc.
Borromeo said some of the top floors of the building will be made into a leisure center that the public can enjoy.
The office tower sits on a 3,000 sq.m. prime property beside the Pag-ibig Fund WT-Corporate Tower.
Second project
Moreover, BL BCP Ventures Inc. is poised to build more projects in Cebu.
Soberano and Borromeo revealed that another joint venture project will soon rise in a 5,000- square-meter property in Cebu City.
“It’s in a beautiful location, something to look forward to,” said Soberano.
“When it comes to something we feel very comfortable with working hand in hand, we will do so.”
Borromeo added more details will be revealed in the second quarter of this year.
Sales take-up
Earlier this year, CLI announced that its sales take-up significantly soared by 86 percent to P8.54 billion net of joint venture share from P4.58 billion last year.
“The increase was brought about by land acquisition and project developments funded thru the initial public offering proceeds,” Soberano said in a disclosure to the Philippine Stock Exchange.
The company said it will continue to ramp up its office and commercial segments to contribute 10 percent to total revenue by 2023.
For this year, CLI is set to complete Baseline Center and Latitude Corporate Center with a combined leasable area of 22,260 square meters.
Dividend
Moreover, CLI on Feb. 26, approved the declaration of cash dividends amounting to P0.20 per share.
CLI’s shareholders on record as of March 26, 2019 will be entitled to such dividends and will be paid on April 24, 2019.
Last year, the company declared P0.15 per share as cash dividends.
To date, Cebu Landmasters, Inc. has a total of 58 projects in different stages of development. (JOB with PR)