MANILA, Philippines — Cebu Landmasters Inc. (CLI), a listed property developer focused in the Visayas and Mindanao, intends to develop more high-end residential projects following the success of its 38 Park Avenue development in Cebu.
“This luxury market is a rather broad definition but that can be comparable to the high-end market, that which is the 38 Park Avenue residential condominium project in Cebu IT Park. And we have been very pleased with the results and the sellout of this project,” CLI chairman and CEO Jose Soberano III said during the company’s annual stockholders’ meeting yesterday.
“Because what it has demonstrated in the market, we were able to attract the attention of this international real estate company to which we are already tied up with in a joint partnership. And the two lots that we are looking at are just beside this 38 Park Avenue and we hope to launch this late this year or early next year,” he said.
Soberano said CLI also intends to launch a project in Talamban, Cebu called North Grove in the third quarter.
“We have a project that could also be very exciting. This is also another one of those, say luxury end of the market,” Soberano said.
“Again, that’s the thing about how we define luxury or high-end. While you have all of this design, amenities and locations which are luxury, but we need to make it as affordable as possible becomes within reach not only in terms of pricing, but in terms of the payment terms that we will provide,” he said.
CLI is committed to expanding its footprint around the country, with P27.65 billion pipeline projects.
CLI chief finance officer Grant Cheng said the company also remains interested in launching a real estate investment trust (REIT) in the near term.
“We’ve been very transparent and open about our intentions to use the REIT vehicle to recycle capital back to CLI. And we’ve been saying this since last year,” Cheng said.
“The timeline we’re looking at (is) probably the next two to three years. The reason for this is because you need to establish a proper track record. You need to establish an operating history because a REIT is a recurring income play,” he said.