Listed Cebu Landmasters Inc. (CLI) is entering the co-living or dormitory segment with its P360-million joint venture Sugbu Prime Estate.
The 7,500-square-meter project will be built in Metro Cebu in partnership with the Farrarons family, which owns two hotels and a strip mall in the city, the Cebu-based property firm said in a statement on Wednesday.
“We have long wanted to do a co-living or dormitory project to cater to Cebu’s workers and were thus excited to explore this opportunity with the Farrarons. Both our families believe this venture will contribute to the growth of Cebu and improve quality of living especially for those seeking secure affordable housing near prime business areas,” CLI Chairman and Chief Executive Officer Jose Soberano 3rd was quoted as saying in the statement.
Sugbu Prime Estate will rise in the Banilad neighborhood, near the Cebu IT Park, which hosts several business process outsourcing firms.
The mixed-use development will have retail spaces, over 300 dormitory rooms and a self-
storage facility. It is expected to be completed by the end of 2022.
It will target young professionals, students and those looking for home-away-from-home quarters.
The venture is also expected to improve CLI’s recurring income streams as part of its diversification strategy.
The announcement comes after the company launched last month its Masters Tower Cebu project, which will house a five-star hotel, Sofitel Cebu City. It is eyed to break ground in the second quarter.
CLI shares gained 2 centavos or 0.38 percent to finish at P5.27 apiece on Wednesday.