Developer allots P5B capex for projects in Cebu, Visayas and Mindanao

CEBU, Philippines – Cebu Landmasters Inc., is spending at least P5 billion in property development projects in Cebu and the rest of Visayas and Mindanao in the next two to three years.

This capital expenditure will boost the company's existing portfolio of commercial and residential projects in Southern Philippines, said CLM chairman Jose R. Soberano III.

Aside from venturing into tourism related projects, like serviced-apartments and condotel, Soberano said the company will put its focus on building more economic housing developments to help address the widening shortage of affordable residential products.

After its expansion venture in Cagayan de Oro, CLM is drawing plans to launch real estate projects in Davao, Bacolod and Iloilo cities starting this year.

Currently, the company is building 11 ongoing property projects mostly in Cebu. By the end of this year, total portfolio will reach 25 projects, said Soberano.

Part of this year's capex will be spent on new projects to be built in Labangon, Cebu Business Park, A.S. Fortuna in Mandaue, Mactan, and its regional expansions.

The company has a total of 50-hectare land bank that is up for development in the next two to three years, excluding its constant look out for available properties to accommodate more projects in Southern Philippines.

Soberano admitted that there are foreign companies, which have already expressed interest for partnership in property projects in the Philippines, but he said as long as the company is able to fund its expansion targets, it is keeping its organic composition.

The company however, has recently announced its partnership with international hotel brand for its newly introduced condotel venture.

Soberano added that other aspects of partnership such as co-development is not yet on the company's radar as of this moment, although he may consider such offer in the future "depending on the terms." (FREEMAN)