PROPERTY developer Cebu Landmasters, Inc. (CLI) has inked a joint venture agreement with four Davao-based firms for the construction of a 17.1-hectare central business district in Matina, Davao City next year.
The property—called Matina Business Park—will sit on a former golf course established in 1960. It will be
constructed by CLI, Plaza de Luisa Development, Yuson Newtown Corp., Yuson Strategic Holdings, Inc., and Davao Primeland Properties Corp.
“The property has been utilized as a golf course since the 1960s and this is the best time to transform it into a business park to be able to contribute to the economic and social development of the city,” Yuson Strategic Holdings President and Chief Executive Officer Frederick Yuson said.
Concept studies for the Davao business park shows a development of seven office buildings and four retail buildings. Inside the retail buildings are an indoor mall, cineplex mall, and retail podium. A total of 29 residential towers, six townhome-style buildings, one hotel, one convention center, one medical building, and a civic/community center will also be built.
The first phase of construction—which includes the office buildings, retail buildings, residential condominium, and community center—is expected to finish in 2021.
“We pay close attention to the needs of the market and we design and build our developments with the market in mind,” Soberano said.
The Matina Business Park is CLI’s third development in Davao City. The others are MesaTierra Garden Residences and Project Riverside.
Meanwhile, CLI is acquiring an additional 2.2-hectare property adjacent to the soon-to-be-established park. It will bring the total project area to almost 20 hectares.
CLI said it is also negotiating for additional acquisitions of lots for the park’s possible expansion.
“CLI is bullish to invest in the Davao market and we are happy to serve the growing property requirements of the Davaoenos and of those coming from neighboring provinces,” CLI Chairman and CEO Jose Soberano III said.