Property developer Cebu Landmasters Inc. on Friday launched two mixed-use developments in Davao City worth P12.6 billion.
Cebu Landmasters said in a disclosure to the stock exchange it broke ground on the 22-hectare Davao Global Township, a mixed-use lifestyle development on a former golf course.
Major components of the project will be anchored by a hotel managed by world-renowned The Ascott Limited, a residential tower, a lifestyle mall and a convention center.
The project is in joint venture with Davao’s Villa-Abrille family through Yhest Realty & Development Corp. and Yhes Inc.
“Davao City is the economic center of Mindanao and we are grateful for opportunities made available by our partners, members of the Villa-Abrille family, to work in this dynamic market,” Cebu Landmasters chairman and chief executive Hose Soberano III said.
“We jointly envision the Davao Global Township to be the premier business district of the city in the medium term. As the city continues to progress, we also see great demand for The Paragon Davao, a new urban hub and lifestyle destination to address the market’s evolving aspirations and goals,” he said.
Phase 1 will feature an office tower, two residential towers, retail buildings, a cineplex mall and a convention center.
These edifices will offer a gross floor area of 93,000 square meters at an estimated cost of P10 billion and are set for completion by the end of 2022.
The township is close to downtown Davao City and is only a 30-minute drive from Francisco Bangoy International Airport.
Meanwhile, Cebu Landmasters also started developing The Paragon Davao, a mixed use development in partnership with Davao Filandia Realty Corp. and Yuson Strategic Holdings Inc.
The Paragon Davao’s first phase, with an estimated cost of P2.6 billion, will house a 26-story residential tower, a 263-room Citadines Hotel, a convention center and a lifestyle mall.
The project on a 1.9-hectare lot area is set for completion by 2022.
“We are pleased to partner with VisMin’s best developer Cebu Landmasters to bring projects to our city which will spur development in this part of the Davao metropolis. We consider this our way of giving back to Davao,” Fred Yuson, president of Yhest Realty said.
