Firm sells out Calle 104 towers in 3 days

CEBU-BASED property developer Cebu Landmasters Inc. (CLI) told the local bourse on Monday, Sept. 19, 2022, that it sold out an upscale residential project in Cebu City for only three days last week.

CLI logged P2.4 billion in reservation sales for Calle 104, a joint venture project of CLI and Borromeo Brothers Estate Inc. under Cebu BL-Ramos Ventures Inc.

Calle 104 is located on F. Ramos and V. Ranudo Streets. It is said to be a popular address of prominent families in Cebu.

This high-end project in Cebu is CLI’s eighth launch this year across Visayas and Mindanao, bringing the total 2022 reservation sales to over P13.5 billion.

“Calle 104 is a well-designed mixed-use project targeted to prominent families in Cebu. Its outstanding performance is also attributed to its strategic location, which is very close to major hospitals in Cebu City,” CLI chief executive officer Jose Soberano III told the Philippine Stock Exchange.

“Majority of its buyers are medical professionals, particularly doctors, who choose Calle 104 as their investment of choice.”

Soberano said the sales velocity of the project showed that there is a growing demand for upscale residential developments coinciding with the economic recovery and progress of Cebu City.

The name of Calle 104 refers to the house number of an iconic home, the Garcia-Escaño Mansion on V. Ranudo St., adjoining another property on perpendicular F. Ramos St.

Calle 104 comprises two towers.

The 20-story Ramos Tower at Calle 104 targets young professionals. It will have 325 studio and one-bedroom units on F. Ramos St. while the 18-story Ranudo Tower at Calle 104 has 192 units, offering studios up to three-bedroom penthouses up to 104 square meters.

Prices of the units range from P3.5 million for a studio unit to P23.7 million.

Calle 104 offers swimming pools, function rooms, a jogging path, and a gym for its resident.

CLI said its projected gross revenues from the project have been pegged at P3 billion.

Calle 104 is scheduled for completion in the fourth quarter of 2026. This upscale mixed-use development is designed by Casas + Architects.