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Cebu Landmasters investing P4 B for mixed-use complex in Davao

MANILA, Philippines — Cebu Landmasters Inc. (CLI) has partnered with two local businessmen for a P4 billion mixed-use project in Davao  as part of its expansion in Mindanao.

In a disclosure yesterday, CLI said it signed a joint venture agreement with Yuson Strategic Holdings Inc.of  Frederick Yuson, and Davao Filandia Realty Corp., of Jason Huang.

The joint venture firm has been named YHES (Yuson Huang Excellence Soberano) Inc.

The newly formed company will pursue a mixed-use development that will include an internationally-branded hotel, convention facilities, four residential towers, and a boutique retail podium.

This is the latest addition to CLI’s growing mixed-use portfolio which also includes the Base Line Center in Cebu, 38 Park Avenue in Cebu IT Park, and Astra Centre in Mandaue City.

CLI president and chief executive officer Jose Soberano III said the company aims to a ride on the growing economy in Davao.

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“Economic opportunities in Davao, the strong and deep roots of our partners in this city and our expertise in project development ensure a high success rate for this project,” Soberano said.

Phase 1 of the mixed-use development will be anchored by a 250-room hotel and serviced residence, named Citadines Riverside Davao, which will be managed by The Ascott Limited, the world’s largest service residence operator.

The first phase will also feature the first of four residential condo towers, boutique retail and convention facilities. Phase 1 is expected to be operational by 2021.

“I am very excited to be part of this new joint venture. This latest project will rise along McArthur Highway in Matina, Davao City,” said Huang, CEO of Davao Filandia Realty Corp.

Yuson is also CLI’s local partner for the P1-billion MesaTierra Garden Residences, a 22-story, 694-unit condominium along Jacinto Extension, across the Bangko Sentral ng Pilipinas compound in Davao City.

Citadines Riverside Davao – the first Citadines-branded property in the largest city in the country – will have 250 units with floor areas between 25 and 45 square meters.

“We are very happy to partner with CLI in its second Citadines and The Ascott Limited’s first in Davao,” said Arthur Gindap, The Ascott Ltd.’s regional general manager for Philippines and Thailand.

Citadines Davao is targeting young professionals with hectic schedules and those who want a hassle-free lifestyle, Gindap said.

CLI also tapped The Ascott for another Citadines-branded property in its Baseline Center project in Cebu City. Brands under The Ascott Ltd. include Ascott, Citadines, Somerset, Quest, The Crest Collection and Lyf.

“Together with our joint venture and management partners, we are committed to bring a modern and comfortable city lifestyle to Davao City, providing Davaoeños everything they need in one venue,” Soberano said.

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