Property consultancy firm CBRE Philippines has named the Soberano-led Cebu Landmasters Inc (CLI) as the number one local condominium developer in Cebu.
CLI senior vice president Franco Soberano confirmed the honor in a press conference yesterday, adding that it was next in rank to Ayala Land Inc. (ALI) in terms of market share in the Cebu real estate market.
“CLI is now the number one local condominium developer in Cebu with 11 percent share, only second to Ayala Land at 17 percent, followed by Filinvest at eight percent,” a report from CRBE reads.
The 12-year-old development company founded by a former Ayala executive in Cebu, Jose Soberano III, now CLI chair, will be investing P12 billion over the next three to five years for its projects in the Visayas and Mindanao.
Part of the investment will be raised from its initial public offering (IPO) slated in the second quarter of 2017. The chairman said the company is about to file its application with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
Soberano declined to provide further details of the IPO, citing a non-disclosure policy for now.
Mostly residential, for now
By 2020, the vision is to become the “most preferred developer” in the VisMin region. Regional expansions include the cities of Iloilo, Dumaguete, and Bacolod in the Visayas and Cagayan de Oro and Davao in Mindanao.
At present, the developer has 25 projects where more than 80 percent is classified as residential developments, 13 percent being office spaces, and the rest in hotel developments. Moving forward, the company said the plan is to have a balanced mix of residential and commercial projects.
“Being from Cebu where we began 12 years ago gives us a local advantage. Being from the South makes us better placed to provide for the lifestyle and housing needs in the Visayas and Mindanao,” Soberano said.
Some of the latest projects of the company in Cebu include 38 Park Avenue, a New York-inspired condominium in Cebu IT Park, which is slated to launch in February 2017.
Within the year, the developer will open its MiVesa Garden Residences Phase 3 and Base Line Center Phase 2, as well as launch a mix-used project on A.S. Fortuna St. in Mandaue City.
CLI will also be in Davao City for the first time with MesaTierra Garden Residences. At the same time, it will start a second residential project in Cagayan de Oro. In addition, it will bring its economic housing brand Casa Mira to Dumaguete, Iloilo, and Bacolod, as well as in Guadalupe in Cebu City. (SUN STAR CEBU)