PROPERTY developer Cebu Landmasters, Inc. (CLI) has signed a joint venture with two firms for the construction of a P2-billion mixed-use project in Davao City.
CLI said it inked the agreement with Yuson Strategic Holdings, Inc. and Davao Filandia Realty Corp. Following the agreement, a joint venture firm called YHES (Yuson Huang Excellence Soberano) Inc. will be incorporated, it said.
The township project in Davao will feature convention facilities, hotels, and residential towers.
“Economic opportunities in Davao, the strong and deep roots of our partners in this city, and our expertise in project development ensure a high success rate for this year,” CLI President and Chief Executive Officer (CEO) Jose Soberano III said.
Under phase one, CLI will construct a 250-unit hotel—the Citadines Riverside Davao—which will be managed by
The Ascott Ltd. and will cater to young professionals. It will have floor areas ranging from 25 to 45 square meters.
The first phase will include four residential towers, boutique retail and convention facilities, and is expected to be operational by 2021.
“I am very excited to be part of this new joint venture,” Davao Filandia President and CEO Jason Huang said.
“Together with our joint venture and management partners, we are committed to bring a modern and comfortable city lifestyle to Davao City, providing Davaoeños everything they need in one venue,” said Soberano.
CLI is a newly listed homegrown real estate developer with projects located in the Visayas and Mindanao.