CEBU Landmasters Inc. (CLI) announced Wednesday, July 17, 2019, it is in talks with Jesuit-led Xavier University to build a township project in Cagayan de Oro, a growth area in Northern Mindanao.
In a disclosure to the Philippine Stock Exchange, the Cebu-based developer said it has received a notice of interest from the Jesuit university to develop its 63.5-hectare property, the Manresa, into a university town over the next several years.
Consultations on the project are ongoing, the listed firm said.
Manresa is located at an emerging commercial district in the city’s uptown area and is also near XU’s 12-hectare basic education campus at Pueblo de Oro.
This comes as CLI also builds the P33 billion, 22-hectare Davao Global Township in Matina, Davao City, scheduled to be completed by the third quarter of 2023.
“This possible venture with Xavier University will potentially be our second estate project in Mindanao after our Davao Global Township,” CLI chief executive officer Jose Soberano III said.
“It is in line with our thrust to expand our mastery to key Visayas-Mindanao cities by going up the real estate value chain and uplifting entire communities and neighborhoods through our estate projects,” he added.
In Cebu, the developer will soon start the reclamation of the 100-hectare Ming-Mori Techno Business Park in Minglanilla as soon as compliance works are fulfilled, the company said.
Another 20-hectare property also within the province is also being eyed for conversion into a business park.
Two other estate developments are lined up in the Visayas, the firm added.
The CDO township project is still subject to final approval from the Jesuit central leadership and is expected to change the landscape in both the city’s uptown and downtown areas.
CLI’s proposed masterplan was chosen by XU over those by national developers.
It features modern school buildings, dormitories, a main plaza, interconnected courtyards, an amphitheater, and a university forum that incorporates a museum, theater and gallery. The masterplan also includes an abundance of open spaces and greenery.
A new campus at Manresa can potentially cater to up to 25,000 students.
Under the plan, CLI proposes to acquire a 14.3-hectare portion of Manresa to integrate into commercial, residential, office and leisure projects.
CLI also intends to acquire a portion of the Corrales campus and convert this into downtown CDO’s central business district.
Earlier, CLI announced it has allotted P13 billion for capital spending this year as it continues to roll out more projects in the Visayas and Mindanao. CSL