LISTED property developer Cebu Landmasters, Inc. (CLI) will spend an additional P10.61 billion to develop several more projects in the Visayas and Mindanao for the remainder of the year.
This is on top of the P7.09-billion programmed projects already launched in the first half, bringing the total capital expenditure to P17.7 billion for 2017 alone.
“The real estate market in the Visayas and Mindanao continues to thrive. Our vertical and horizontal project launches are proudly spread out across the most progressive markets in the region,” CLI Chief Operating Officer Franco Soberano told the local bourse on Thursday.
“Our expansion to these key VisMin cities of Cagayan de Oro, Davao, Bacolod, Iloilo, and Dumaguete is a strong indication of our positive outlook. We are also banking on our expertise and knowhow as a homegrown player from VisMin,” he added.
The 14 property projects targeted for launch this year will be located in Sibulan, Negros Oriental; Bacolod, Negros Occidental; Iloilo; Cebu; Davao; and Cagayan de Oro.
For its condominium segment, the property firm will launch two more hotels within its mixed-use projects in Cebu, in addition to their first hotel, Citadines by The Ascott Ltd.
“Next [is]a hip and modern hotel catering to the millennial market with 150 rooms, and CLI’s third hotel in a mixed-use development called Astra Centre,” the company said.
CLI’s Casa Mira brand will expand to four more locations, for a total of 7,000 economic housing units.
In the mid-range segment, a project called MesaVirre Garden Residences will be introduced in Bacolod City. MesaVirre will highlight landscaped open areas and other generous garden-inspired amenities.
Another project, Velmiro Heights, will also be launched in Cagayan de Oro, offering well-designed homes and amenities “to satisfy the preferences of the city’s upwardly mobile clientele.”
New subsidiary formed
CLI formed a new and wholly-owned subsidiary, Cebu Landmasters Property Management, Inc. (CLIPM), which will handle the parent’s property management functions to ensure quality operations.
“We formed CLIPM to strengthen our commitment and fulfill our promise to nurture our CLI communities even after the turnover of the units,” Soberano said.
“Since 2003, CLI has served as property managers to all its horizontal projects. Now, all our vertical projects will be managed by CLI as well. This is a value-added service that we will work very hard to deliver, and this is the very embodiment of ‘building with you in mind.’ CLIPM plans to have around 50 personnel by the end of 2017,” he added.
“Our key value add-on is in the expertise and hands-on culture of CLI. With a dedicated property management arm, CLI will set high standards for the security, maintenance/upkeep, financial health, and strive to foster a harmonious community among unit owners. This all leads to the protection and growth of property values.”