HOMEGROWN developer Cebu Landmasters Inc. (CLI) is eyeing the long-staying tourists for its condo-hotel project at the Base Line Center.
Although CLI’s partner, The Ascott Limited, will be marketing the condo-hotel Citadines Cebu City, CLI president Jose Soberano III hopes to corner a huge share of Cebu’s long-staying guests, banking on the project’s integrated concept.
“The 190-room condo-hotel will (serve as) additional room for Cebu’s growing tourism market,” said Soberano at the sidelines of the opening of the 400-square-meter Base Line Center showroom yesterday.
Seventy percent of the total room units were already sold.
Citadines Cebu City’s completion is slated for 2018. The tower is expected to be topped off on the last quarter of 2017.
Foreign assessors cited an estimated 12.5 million tourists will enter the Philippines in 2022 if momentum is kept by the present administration. The country roughly has 44,000 rooms. By 2022, the administration must be able to increase rooms by 86,000.
Citadines Cebu City is the first foray of Ascott in the Visayas-Mindanao region and is the eighth addition of Ascott properties in the country. Ascott is an international serviced residence owner-operator.
The new Base Line Center is composed of three components that features a residential tower called Base Line Premier; offices called Base Line Head Quarters; and the condo-hotel tower called Citadines by Ascott.
According to Soberano, the new showroom will help them sell the remaining 30 percent of the project. He is optimistic of a faster sales turn out in the coming months due to the upbeat market sentiment of the Duterte administration.
“The market is excited,” said Soberano. “Everyone is happy with the developments,” he added.
The company is now studying the second phase development of the complex. Soberano said that by the middle of 2017, they’ll be able to disclose fixed plans for the remaining 5,000-square-meter Phase 2 expansion.
CLI remains bullish on the country’s real estate industry.
This Friday, the company will break ground on its 686-unit Casa Mira condo project in Labangon.
Next month, the company will enter into a joint venture agreement with a local player in Davao City for its first residential condo development in the city.
Soberano said the thrust of his company is to expand outside Cebu in Dumaguete, Cagayan de Oro and Davao City. For this year, CLI, Soberano said the company is spending at least P5 billion for its expansion programs, including the completion of existing project in these cities.
Soberano also announced that their next major project for Cebu is a mixed-use development in Guadalupe as it will have 3,200 unit of houses in a 30 hectare area.
At present, CLI is building 11 projects, mostly in Cebu. By the end of 2016, CLI’s total portfolio will reach 25 projects.