Cebu Archdiocese, Cebu Landmasters ink P900-M property development deal

Property developer Cebu Landmasters Inc. (CLI) has signed a lease agreement with the Archdiocese of Cebu for the P900-million redevelopment of Patria de Cebu.

The agreement gives CLI 40 years to operate the new Patria de Cebu property.

The approved master plan will include an integrated retail, office, and hotel structure.

The project is expected to be completed by 2021 and serve as the centerpiece for the 500th year celebration of Christianity in Cebu.

“We envision the new Patria de Cebu to be a center of culture that will celebrate Cebu’s history and heritage,” said CLI president and CEO Jose Soberano III.

“The new Patria de Cebu will uplift the downtown area that is in need of a master-planned development that connects well to the city’s history while creating new practical functions to serve the community,” he said.

As indicated in the contract, Soberano told GMA News Online that Cebu Landmasters transfer the development back to the Archdiocese once the agreement lapses.

But the property developer is also open to renewing the lease arrangement.

“After 40 years, we turn all building improvements to the Archdiocese unless they want to renew the lease for another term,” he said.

The P900 million will mainly be spent on the construction and development of Patria de Cebu, and will be funded by internal funds and borrowings.

“Combination of internal funds and some borrowings,” Soberano said, but declined to elaborate on funding mix.

“Hard to say at this point since as much as possible, we want to fund it fully,” he said.

Located in front of the Metropolitan Cathedral Church, the property is walking distance to the Basilica del Sto. Niño and Magellan’s Cross and Colon Street. A hostel currently stands in the area.

CLI’s portfolio includes 52 projects in different stages of development across eight cities in the Visayas and Mindanao, catering to the high-end, mid-market, economic, and socialized housing segments. —Jon Viktor Cabuenas/VDS, GMA News