Cebu Landmasters Inc. (CLI) has inked a P360-million joint venture for a mixed-use development with co-living spaces and transient housing in Cebu nearby the IT Park.
Dubbed as the Sugbu Prime Estate, the joint venture is a 7,500-square meter property along Banilad and nearby Cebu IT Park which houses several business process outsourcing (BPO) firms.
The venture is with the Farrarons family who owns two hotels and a strip mall in Cebu City. It will have over 300 dormitory rooms and a self-storage facility.
"We have long wanted to do a co-living or dormitory project to cater to Cebu's workers and were thus excited to explore this opportunity with the Farrarons," said CLI chairman and chief executive officer Jose Soberano III.
"Both our families believe this venture will contribute to the growth of Cebu and improve quality of living especially for those seeking secure affordable housing near prime business areas," he said in an emailed statement.
Sugbu Prime is CLI's first entry to the Co-Living or Dormitory segment in the metropolis of Cebu, banking on the projected influx of outsourcing firms in the area.
CLI's product portfolio includes residential, office, hotel retail, and estates. It also provides housing needs to high-end, middle, economic, and socialized housing segments.
The company has agreements with three international hotel groups — The Ascott Limited for four hotels; the Radisson Hotel Group for one hotel; and Accor for one hotel. It is scheduled to roll out 1,448 hotel rooms in Visayas and Mindanao by 2024.
Shares in CLI opened Wednesday at P5.26 apiece, up from Tuesday's finish of P5.25 apiece. They are up 14 centavos or 2.67% to P5.39 apiece as of 11:56 a.m. —Jon Viktor Cabuenas/KG, GMA News