Cebu Landmasters Inc. said it will launch a 22-hectare central business district in Matina, Davao City with an initial capital investment of P10 billion.
Cebu Landmasters said in a disclosure to the stock exchange the 22-hectare project would become the first major business park in Davao with office, retail, convention center, medical building and hospital components.
“It is expected to attract investments and employment while providing convenience and upscale lifestyle and amenities to the city. Phase 1 is estimated to cost P10 billion and is expected to generate about 10,000 jobs for construction workers,” Cebu Landmasters said.
The Davao Matina Business Park project is one of the large-scale projects that the property firm is undertaking to fortify its presence and leadership in the Visayas and Mindanao.
Cebu Landmasters said affiliate Ming-Mori Development Corp. was also in the final stages of compliance for the 100-hectare Minglanilla Reclamation and Techno-Business Park project in Cebu.
The property firm said the project would be a game changer in Cebu, generating over 100 hectares of light industrial and commercial uses in the south of Cebu where there is a very strong population base.
The company is also firming up negotiations for two properties in Cagayan de Oro City that would be converted into integrated estate developments.
“We target to develop estates in Cebu, Davao and Cagayan de Oro as the opportunities are huge in these economic growth areas,” Cebu Landmasters chief executive Jose Soberano III said.