Cebu Landmasters Inc. (CLI) will spend P12 billion to launch its first two projects in Luzon.
CLI chairman and chief executive Jose Soberano III said in an interview Wednesday the company is looking at Southern Luzon for its first house-and-lot project in Luzon and a high-rise condominium in Metro Manila.
The two projects are slated for launching by 2026.
Soberano said that similar to its projects in the Visayas and Mindanao, the planned house-and-lot development would consist of 5,000 to 10,000 homes across a 50 to 100-hectare property.
He said the company has standing offers from potential joint venture partners for its initial project in Luzon.
Soberano said CLI would likely invest P5 billion to acquire the properties for the two projects, while an initial investment of P2 billion would be needed for first phase of house-and-lot development and P4 billion for the vertical project.
He said while there are risks in the property market because of oversupply concerns, the company is keen on penetrating the Luzon market by targeting the end-users market.
He said that as part of the strategy to expand in Luzon, CLI opened a regional office in Makati City, its first outside the Visayas and Mindanao.
The new 329-square-meter center houses the Manila sales office, investor relations office, a showroom and spaces for training and conferences, serving as a hub for stakeholder collaboration and showcasing CLI’s latest projects.
“The opening of our Luzon office marks an important milestone for CLI. With this new hub, we are poised to bring our expertise and proven track record in real estate development to the Mega Manila market,” Soberano said.
“This new office symbolizes our readiness to bring the Cebu Landmasters brand to Luzon, leveraging our experience and expertise to serve a broader market,” he said.
Prior to its planned venture in Luzon, CLI has 130 projects across 17 key cities since it was established in 2003. Its diverse portfolio includes residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects and large-scale townships.