Cebu Landmasters starts P12.6-billion Davao projects

MANILA, Philippines — Listed Visayas-Mindanao property developer Cebu Landmasters Inc. ($CLI) kicked off on Friday P12.6 billion worth of projects in Davao City, including a 22-hectare central business district.

CLI and its partner, YHEST Realty and Development Corp., broke ground the first phase of the “Davao Global Township” project located at Matina district.

The P10-billion project — which will feature an office tower, two residential towers, retail buildings, a cineplex mall and a convention center — will yield a gross floor area of 93,000 square meters and is set for completion by end-2022.

CLI also on Friday unveiled the1.9-hectare “Paragon Davao,” a mixed-use destination that will house a 26-storey residential tower, a 263-room hotel, a convention center and a lifestyle mall.

The Paragon Davao’s first phase is estimated to cost P2.6 billion and is expected to be finished in 2022. CLI partnered with Davao Filandia Realty Corp. and Yuson Strategic Holdings Inc. for the project.

“We jointly envision the Davao Global Township to be the premier business district of the city in the medium term,” CLI Chairman Jose Soberano III was quoted as saying in a disclosure to the stock exchange.

“As the city continues to progress, we also see great demand for The Paragon Davao,” Soberano added.

Shares in CLI were up 16 centavos or 4.11 percent to close at P4.05 apiece at the Philippine Stock Exchange on Friday. — Ian Nicolas Cigaral