LISTED real estate developer Cebu Landmasters, Inc. (CLI) is set to shell out P1.5 billion for the construction of The Latitude Corporate Center, a new 24-story building set to rise in Cebu City.
CLI Chief Operations Officer told The Manila Times over the weekend the project will be a modern office tower that will be located in Cebu Business Park which will cater to business process outsourcing (BPO) tenants, and enterprise and executive tenants.
“The Latitude Corporate Center project will have a project cost of P1.5 billion. Eighty percent of the office space will be retained for our leasing business while 20 percent will be sold as office [condominiums],” Soberano said.
“This is part of CLI’s buil-up of its recurring income portfolio,” he added.
The Latitude is a 50-50 joint venture between CLI and Borromeo Bros. Estate. It will have gross floor area of 35,000 square meters (sqm).
“Majority of the spaces will be for lease, so the definite figure I can provide is that it will generate up to 20,000 sqm of net leasable [and]sellable area,” Soberano said.
Since the launch of the joint venture last November 2016, the project has already sold 83 percent of its inventory, according to the company.
Additionally, CLI plans to include a commercial area to be located on the ground floor to cater to restaurants and food outlets. The project is expected to be completed by 2019.
Established in 2003, CLI is a newly listed property developer based in Cebu, with projects within the Metro Cebu residential condominium arena.
Some of its notable projects are the Mivesa Garden Residences, Midori, and Velmiro for residential; the 38-storey 38 Park Avenue in Cebu IT Park for office buildings, and the 180-room The Citadines at Base Line Center for hotels.