Cebu Real Estate Developer Unveils Projects to Address Different Segments

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Fast diversifying Cebu Landmasters, Inc. flexed its capacity to address specific market needs with a high-end real estate project in Cebu, a mid-market development in Davao, both launched last month, and economic housing projects in Cebu and in Dumaguete City to be launched this April.

The four real estate projects seek to boost the local developer’s market leadership in Metro Cebu and expand its presence in the entire Visayas and Mindanao region where it targets to be a dominant player in three years.

The Cebu project called 38 Park Avenue is located in a 1.17-hectare property in Cebu IT Park. It is a 38-storey high-end development offering 745 residential units, a retail plaza and a future office building. Masterplanned by global designers, the property will give residents an experience of the New York lifestyle with first-class facilities and amenities.

Mesa Tierra Garden Residences, the developer’s first foray in Davao, is a 22-storey residential condominium located in E. Jacinto St., Davao City. The project was already 80 percent sold in less than a month of selling. It will have 694 units and garden-inspired features and amenities, following the success of its mid-end residential condo development called Mivesa Cebu.

Casa Mira, on the other hand, has been Cebu Landmasters flagship economic housing brand offering vertical and horizontal projects. Casa Mira South in Cebu, City of Naga and Casa Mira Coast Dumaguete will offer two-storey townhouse units from 36 sqm to 66 sqm in gated subdivisions with clubhouse amenities and more. Casa Mira South will offer approximately 3,200 units in three phases while Casa Mira Coast Dumaguete will offer 550 units.

Cebu Landmasters is currently the leading local condominium developer in Metro Cebu. It enjoys an 11 percent market share of the total supply of condominium units in the metropolis.

Founded by real estate industry veteran Jose Soberano III, its president and CEO, Cebu Landmasters started with a 213-unit economic housing project called San Jose Maria Village in Balamban south of Cebu in 2003. From purely horizontal residential developments, the company ventured into vertical, mixed-use office developments and diversified into the various segments of the property market.

Today, the company is present in the socialized, economic, mid-market and high-end segments catering to all types of budgets, and consistently delivering best value. 38 Park Avenue, which belongs to the high-end segment, sells units starting at P2.8 million for studios, while Messa Tierra starts at P1.8 million for mid-market price range. The Casa Mira units in Cebu and Dumaguete City at start at P1.1 million for economic housing.

Being a homegrown player, Cebu Landmasters enjoys an advantage over other big players because of its familiarity with local communities, allowing it to choose the best locations, suppliers and dealers. This also gives it the capacity to tailor-fit its projects to the needs and preferences of Vismin buyers.

Cebu Landmasters sells faster than its peers in Cebu and enjoys a quick take-up. Ninety-six percent of its completed projects have been sold out. Its mid-rise condominium format Mivesa Garden Residences and its economic housing brand Casa Mira Linao in Cebu both sold out in less than three months.

Manila Bulletin | April 17, 2017

38 Park Ave. Cebu, 38 Park Avenue Cebu, Casa Mira Cebu, Casa Mira South, Mivesa Garden, Mivesa Garden Residences, Mivesa Residences
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Cebu Landmasters Eyeing Tourism Development

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CEBU Landmasters Inc. (CLI), a Cebu property developer that is seeking to list on the Philippine Stock Exchange (PSE), said it is considering building more projects in the tourism sector to diversify its product offerings.

Apart from some hotel developments, CLI president and chief executive officer Jose Soberano III said the company is also interested in resorts development and is looking for opportunities in this sector.

“That’s what we’re eyeing. We are looking at one (site) in Mactan, so we’re also gearing up for that,” Soberano said.

He said the company is focused on “more homey” developments in the property sector than risky ones like casinos.

CLI is currently developing The Citadines in the Base Line Center, a 180-room hotel operated in partnership with international hotel giant Ascott Limited. The hotel development is expected to be completed by 2019.

It plans to build two more hotels in Cebu to support strong tourism growth, including a 250-room hotel in Mactan.
These plans are in line with its P12-billion capital spending program in the next two years as it aims to become the preferred developer in the Visayas and Mindanao regions.

Franco Soberano, CLI senior vice president and chief operating officer, said P9 billion of the capex will fund ongoing projects while P3 billion will be used for land acquisition. The capex program will be funded by proceeds from a planned P3.8-billion initial public offering (IPO) and internally generated cash.

CLI plans to sell 580 million common shares priced up to P6.56 each in its IPO, which is expected to be conducted sometime in May 2017.

It is still in the process of securing regulatory approvals for the IPO but it has appointed BDO Capital & Investment Corp. as the sole issue manager, and BPI Capital Corp. as joint bookrunner with BDO Capital.

“We’re setting our sights on the VisMin region where we have the capacity to win, where there is high demand for value and quality developments, and where there are still opportunities for significant growth,” Soberano said.

At present, Soberano said CLI is currently working on 28 developments, offering 11,141 units. Some 53 percent of the ongoing projects are vertical condominium developments, 27 percent are horizontal housing units, 17 percent are commercial office buildings, and 2 percent are hotels.

CLI reported P702 million net income and P2.18 billion revenues in 2016.

Established in 2003, CLI is a Cebu-based property developer having projects within the Metro Cebu residential condominium arena. Some of its notable projects are the Mivesa Garden Residences, Midori, and Velmiro for residential; 38-storey 38 Park Avenue in Cebu IT Park for office buildings, and the 180-room The Citadines in the Base Line Center for hotels.

BY KRISTYN NIKA M. LAZO | The Manila Times | MARCH 2, 2017

Base Line Center, Midori, Mivesa Garden Residences, Velmiro
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Cebu Land Masters to Pour P12B into Cebu, VisMin Projects in 2017

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With Cebu real estate industry poised for more growth, a home-grown developer has set aside P12 billion for investments in more projects in Cebu and other key locations in Visayas and Mindanao.

Jose R. Soberano III, Cebu Landmasters Inc. (CLI) chief executive officer (CEO), said that the P12 billion investment is the biggest investment for CLI’s projects in a year.

Soberano said since the firm started, it had allotted a P1 billion average investment for projects in a year.

He also said that this year’s projects would be completed in three to four years.

For this year, CLI is set to launch a high-rise, high-end condominium this month at the Cebu IT Park called 38 Park Avenue Cebu.

They are also adding another Casa Mira project in Guadalupe, a Mivesa Cebu Garden Residences project, the second phase of the Base Line Cebu Center, a mixed-use complex at A.S. Fortuna, and an Industrial Park in Minglanilla.

New locations

Franco Soberano, CLI chief operating officer (COO), said this year they are also opening projects in new cities, including Davao, Dumaguete, Iloilo and Bacolod.

For these new locations, CLI is bringing in their economic brand Casa Mira and their garden series as entry point projects.

The CEO said they usually look at the market and know what the demand is, and for Bacolod, Iloilo and Dumaguete, there is a huge market for the Casa Mira products.

“In Dumaguete and Iloilo, we are bringing in the Casa Mira subdivisions while in Dumaguete, there is a market for the Casa Mira towers so we’re developing that,” the CEO said.

In Davao City, COO Soberano said they will be launching the MesaTierra Residences as an entry point project.

Entering Davao City for the first time with MesaTierra Garden Residences, the COO said that CLI aims to create tranquil and green living spaces for families and young professionals in this fourth of the garden series that is also set to be launched this month.

He said that they would be launching a second project, Velmiro Heights Cagayan, which would add to their presence in Cagayan de Oro.

IPO

The CEO said the company had also been working on getting publicly listed by second quarter of this year.

“We are about to file the application for the IPO listing very soon. We’re putting our IPO (listing) in high gear. It’s going to happen by second quarter of this year,” he said.

When that happens, the CEO said that CLI will be among just a few Cebuano companies that are publicly listed.

He said that the IPO is their way to pool in more funds to finance more expansions in the coming years.

No. 1 developer

Named as the number one local developer in Metro Cebu by CBRE Philippines, CLI has over 25 developments done in the last 12 years since they first started in 2003.

COO Soberano said CLI is still primarily a residential developer with 84 percent of the firm’s projects belonging in this segment.

About 38 percent of their residential projects are horizontal developments while 46 percent are vertical.

Majority of their projects are middle end (57 percent), 19 percent are highend, 19 percent economic and 5 percent socialized.

“We are also developing office projects (13 percent) and hotels (4 percent) with our partnership with Ascott International for The Citadines Cebu,” he said.

More hotel projects

The firm’s COO also said they are planning to add more hotel projects in the future in other locations including Mactan Island.

CEO Soberano also said they are open to working with other hotel chain brands for more projects in Cebu and in areas where they already have presence.

By: Aileen Garcia-Yap | Cebu Daily News | January 31, 2017

38 Park Avenue Cebu, Casa Mira Subdivision, Cebu 38 Park Avenue, MesaTierra Garden Residences Davao, Mivesa Garden Residences
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