Developer Cebu Landmasters Inc. has signed an agreement to develop an 18-hectare golf course in Davao into a new central business district, the company announced ahead of its initial public offering (IPO) on the Philippine Stock Exchange.

The deal with Davao City’s Huang and Yuson families would develop the the 18-hectare Matina Golf Course in the southern part of the city into a central business district (CBD).

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