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).
“We formalized our agreement last week,” Cebu Landmasters President and Chief Executive Officer Jose R. Soberano III said.
Soberano said the CBD project will include a shopping mall, hotels, residential condominiums, offices for business process outsourcing companies, and “probably” a civic center as well as educational and health institutions.
“In the northern portion (of the city), you have the SM Lanang, Megaworld, and in the middle is the (Ayala-led) Abreeza development, and what in the southern portion in Matina? This is what we are trying to do, a business district which is more proximate for a gateway to the south of Davao,” he said.
The development would attract traffic from the cities of Digos in Davao del Sur, and General Santos in Sarangani, Soberano said.
“Even those coming from Bukidnon, Cagayan de Oro, and future coastal roads [to be built]by the government,” he added.
Soberano did not disclose the value of the deal, saying there was no firm budget for the project yet as the company was still considering other partnerships or possibly selling some portions of the property.
Otherwise, he said development could before the end of the year.
“As far as land development, we can finish that in one and a half years, because this has underground systems such as power, drainage, and dual water systems. It is going to be a world-class CBD,” he said.
Cebu Landmasters is also gearing up for construction of the 4th of the company’s “Garden Series” condominiums, the MesaTierra in Davao City.
The developer is seeking to raise up to P2.9 billion in fresh funding from its initial public offering (IPO) on Friday, June 2.