VISMIN property developer Cebu Landmasters, Inc. (CLI) is earmarking P12 billion for the initial phases of its two maiden projects in Luzon as the company expands its market presence nationwide.
CLI Chairman and Chief Executive Officer Jose R. Soberano III said the company’s first two Luzon projects consist of a horizontal project and a condominium development.
“We are allotting a total of P12 billion for two towers of the first phase of the condo and phase one of the horizontal project,” Mr. Soberano told reporters during the launch event of the company’s Makati City office on Wednesday.
“Talking of land acquisition alone, that should be in the range of about P5 billion for these two projects. For development, around P2 billion for the first phase. In the verticals, we start with two towers, that’s P5 billion,” he added.
Mr. Soberano said that CLI is likely to launch its first Luzon project by 2026.
CLI is looking at the southern areas of Manila, such as Batangas and Cavite, for its planned horizontal project, Mr. Soberano said.
“The obvious choice would be the southern portion of Manila, such as Batangas and Cavite. These are the usual suspects. We do have standing offers there,” he said.
“If we are positioning on a property, we have to be absolutely certain that by the time we launch it, we have a good percentage of the take-up. Without that certainty, we’d rather not take that,” he added.
Mr. Soberano estimated that the horizontal project could occupy 50 to 100 hectares, offering 5,000 to 10,000 homes.
On the vertical project, Mr. Soberano said that it is expected to be in Metro Manila.
“I think it is a very strategic move to position on one horizontal project and one vertical project. These are not small projects either,” he said.
“Once that kicks off and we feel our confidence, things can move fast as well. We’re not going to hold our punches if we really feel the opportunity is there,” he added.
CLI also opened its first Luzon office, located on the 3rd floor of the new CWC Design Center in Makati City.
CLI’s new Makati office will house its Luzon sales office, investor relations office, and other support departments. It will also have training and conference rooms to facilitate business activities.
“The opening of our Luzon office marks an important milestone for CLI. With this new hub, we are poised to bring our expertise and proven track record in real estate development to the Mega Manila market,” Mr. Soberano said.
“This new office symbolizes our readiness to bring the CLI brand to Luzon, leveraging our experience and expertise to serve a broader market,” he added.
Mr. Soberano said there is a possibility of opening more offices in Luzon as CLI launches more projects on the island.
The company has launched close to 130 projects across 17 cities since being established in 2023. Its portfolio consists of residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects, and large-scale townships.
CLI shares were unchanged at P2.67 apiece on Wednesday. — Revin Mikhael D. Ochave
