MANILA, Philippines — Cebu Landmasters Inc. is expanding further its residential footprint in Iloilo with the development of a P1.5 billion condominium.
In a disclosure yesterday, CLI said it has partnered with businessman Alfonso Tan, chairman of construction company International Builders Corp. (IBC) for the development of a high-rise residential in the city’s downtown area.
Under the agreement, CLI will own 50 percent of the residential development and will manage the project.
IBC, which recently developed the GT Town Center Mall in Pavia, will simultaneously develop a downtown mall that connects to the residential tower.
“We are very proud to forge this partnership with Mr. Alfonso Tan and his family. He has established IBC as the leading construction firm in the region, and both our homegrown companies are motivated by the opportunity to contribute further to Iloilo’s exceptional growth,” said CLI chief executive officer Jose Soberano III.
Proponents are targeting to develop the project in four years.
CLI’s expansion in Iloilo is part of its continuous expansion in Visayas and Mindanao.
The company targets to complete 1,200 units of its top-selling economic house and lot Casa MiraIloilo in a 14-hectare lot in Jaro, Iloilo.
Casa Mira Iloilo is wholly owned by CLI and land development has already commenced.
CLI now has different projects in strategic urban locations in Cebu City, Cagayan de Oro and Davao City.
Its housing brands include starter homes in the economic segment, residential condominiums catering to the mid-market and top-end residential brands in prime city locations.
In the first nine months of the year, CLI had already launched P14 billion worth of projects in key cities in Visayas, including mixed-use complexes that integrate residential, office and commercial uses.
A number of these integrated developments in Cebu, Davao and Bacolod will include hotels.
CLI’s first hotel opened in September this year with 180 rooms.
The company is targeting to have 1,350 rooms in seven locations by 2022.
CLI’s consolidated net income grew by 77 percent to P1.65 million in the nine months to September, driven by substantial increase of revenue from CLI projects.
Revenue rose to P5.9 billion from P3.7 billion.