PROPERTY developer Cebu Landmasters, Inc. (CLI) inked on Wednesday its third agreement with The Ascott Ltd. for the construction of a serviced residence in Cebu City.
The “lyf Cebu City” is envisioned to be a 153-unit serviced residence with unit sizes ranging from 16 to 60 square meters (sqm). It will be located at Base Line Prestige, one of Cebu Landmasters’ mixed-use developments.
Towers 1 and 2 of Base Line are targeted for completion in 2018.
Lyf is targeted at the local and foreign millennial market, technopreneurs, and those working in start-ups as well as individuals from the music, media, and fashion industries.
It will feature communal spaces, or co-working areas that can be easily transformed into zones for workshops or social gatherings.
“A recent study by the Department of Tourism shows that Cebu-Mactan will have a room gap of 14,931 by 2022. Already the most visited destination in the Philippines, Cebu is expected to receive more visitors in 2018 and beyond with the completion of the Mactan Cebu International Airport,” the company told the stock exchange.
CLI data said Cebu alone has received 4.17 million travelers last year, with the larger chunk accounted for by millennials travelling in groups.
“The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Ltd. in this project set to introduce new industry benchmarks,” CLI Chairman and Chief Executive Officer Jose Soberano 3rd said.
“CLI is committed to bring the latest to our VIsayas-Mindanao markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand,” he added.
Two other properties of CLI will carry Ascott’s brand Citadines that will cater to leisure travelers and young professionals—the 180-unit Citadines Cebu and the 250-room Citadines Riverside Davao. The two projects will be completed by 2018 and 2021, respectively.
During its annual stockholders’ meeting last month, Soberano bared CLI will launch even more hotel projects next year as the hotel segment will serve as strong anchor projects for its mixed-use developments in key Philippine cities.
“Our hotel properties will maximize opportunities offered by the country’s growing tourism momentum while ensuring the full development of our mixed-use projects in strategic VisMin areas,” Soberano said.
CLI is targeting a net income of P1.7 billion on revenues of P5.3 billion in full year 2018.