CLI completes new P1.2 billion office tower

MANILA, Philippines — Cebu Landmasters Inc. (CLI) and developer Borromeo Brothers Estate Inc. recently marked the completion of a P1.2-billion four-star BERDE-certified commercial tower Latitude Corporate Center in Cebu.

The new project will increase CLI’s gross leasable area (GLA) to 29,000 square meters this year from 14,000 sqm. year-on-year to 29,000 sqm.

An additional 47,000 sqm. of office and retail GLA currently under construction are expected to boost CLI’s leasing portfolio in the next few years.

Proponents are targeting tenants from both local and multinational companies such as banks, technology service providers, real estate, food and retail industries, especially the IT-BPO companies.

The building has designated spaces for BPO offices, enterprise offices, executive offices and a retail concept. It is strategically located in the Cebu Business Park and is among the tallest buildings in the business district.

CLI chairman and CEO Jose Soberano III said the economy is now reopening.

“We see a future turnover for office spaces especially from the IT-BPO sectors. As we expand our office footprint, we also foresee our industry players slowly transition business operations back to normalcy in the coming months as we anticipate post-pandemic recovery,” he said.

CLI’s long-term strategy is to build its GLA to 200,000 sqm allowing its office, retail and hospitality portfolio to contribute 10 percent of the company’s growing top line in three to five years.

The office tower is set to offer 83 units with 35,000 sqm. of gross floor area and leasable spaces ranging from 51 sqm. up to 2,000 sqm. and 247 parking slots, ideal for small and medium-sized enterprises (SMEs) and large-scale businesses.

The development was awarded early this year with a four-star accreditation under the Building for Ecologically Responsive Design Excellence rating system, which is a tool to assess and certify the performance of green building projects.