Cebu Landmasters allocates P12B to VisMin expansion

Real estate developer Cebu Landmasters Inc. (CLI) has allocated some P12 billion to finance its expansion plans in the Visayas and Mindanao.

In a briefing in Makati City, company officials said the plan is to build 7,000 economic housing units in Dumaguete, Cebu, Bohol, Iloilo, and Bacolod. Each unit is priced at P800,000 to P1 .7 million.

The company also aims to launch mid-end units, ranging from P1.8 million to P5 million per unit, in Metro Cebu, Cagayan de Oro and Davao City.

It will also launch premier residential units priced at more than P5 million each in Cebu City, as well as two mixed-use communities in Davao City and two hotel projects in Metro Cebu.

"We're a young company that was able to build a complete portfolio in 12 years," CLI COO and SVP Franco Soberano told reporters.

"We are setting our sights in 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," CLI President and CEO Jose Soberano III said in a separate statement.

"The momentum is just picking up and we're excited," Franco said during the briefing.

Cebu Landmasters is having a P3.8-billion initial public offering (IPO) in May. — VDS, GMA News