Cebu Landmasters earmarks five-year capex of P4 billion

CEBU, Philippines - Cebu Landmasters, Inc., (CLI) is allocating a capital expenditure (capex) of P4 billion in the next five years, to provide at least 2,000 units of condominium and 400 house and lot products in Cebu.

CLI president Jose R. Soberano III said the company is banking on the robust real estate market in Cebu employing his expansion strategy through joint venture developments for mid-rise condominium projects which Metro Cebu, and subdivision developments in the countryside.

“I believe I am in the right track by attracting my own niche market, which is the middle-range customer-base,” Soberano said in an interview.

Aside from its existing condominium projects located in Baseline Complex in partnership with the Canizares family, and the Asia Premier at the Cebu Asiatown IT Park, the company is now on its way of constructing several projects, including a 12-story residential condo to be situated at A.S. Fortuna area in Mandaue City, a six-tower development that will be constructed in Salinas Drive in Lahug, a chic subdivision for middle-income market in Minglanilla to be called Modiri Plains, which is a 7.6 hectare development to offer about 400 house and lot units.

Soberano said the company is also eyeing house and lot projects in Bogo and Consolacion in the northern part of Cebu, as well as another condominium project in Talisay.

Despite the entry of giant developers in the Cebu market, building up thousands of condominium units and investing into subdivision projects, Soberano is confident of the company's market hold, saying the market he is targeting which is the middle-income segment is largely untapped.

Soberano’s company, the Cebu Landmasters which is known for its series of pocket-subdivision projects in the sub-urban and countryside areas in Cebu, is now penetrating the fertile condominium development, reinforcing Cebu’s bid to become the second home destination in Asia.

He added that even residents from within Cebu province residing for instance in Toledo, Danao, and far flung towns, are needing second-residence in the City, fueling further the demand for condominium units here.

Landmaster’s first condominium project, the Asia Premier Residences located at Asiatown IT Park is successful, as well as the Baseline Residences' units are almost sold out, Soberano said that Cebu is ripe for these kinds of developments.

“This indicates the strong demand for condominium units in Cebu, regardless of the growing number of developers entering into residential condominium developments,”he said.

Cebu Landmasters, Inc., is a homegrown real estate development company in Cebu. After its incorporation in 2003, the company brought its passion for real estate to the countryside by developing its first residential subdivision, called San Jose Maria Village, in the own of Balamban, followed by similar projects established in Minglanilla, Toledo, and Talisay City. (FREEMAN)