Cebu Landmasters to Build P1.5 B Residential Tower in Downtown Iloilo
Cebu, Philippines – Cebu Landmasters Inc. (CLI), one of the Visayas-Mindanao leading property developers, will build a P1.5-billion high-rise residential condominium with retail spaces in downtown Iloilo City, which should be ready for occupancy in 2024.
CLI recently signed a joint-venture agreement with International Builders Corp. (IBC), headed by its Chair Alfonso Tan, to construct the tower. The agreement states that CLI will own 50% and manage the residential development.
IBC, on the other hand, will simultaneously develop a downtown mall that connects to the tower.
“We’re very proud to forge this partnership with Mr. Alfonso Tan and his family. He has established IBC as the leading construction firm in the region, and both our homegrown companies are motivated by the opportunity to contribute further to Iloilo’s exceptional growth,” CLI Chief Executive Officer Jose Soberano III said.
As a property firm, CLI began two decades ago catering to the housing needs of the workforce in Cebu. Besides the planned residential tower in downtown Iloilo, the company also currently has nine projects across the Visayas and Mindanao regions. This includes the 14-hectare low-cost house-and-lot development, Casa Mira, in Jaro, Iloilo.
CLI is known for its wide range of housing options from affordable starter homes to mid-market residential condominiums to top-end residential units in prime locations.
It has launched 14-billion worth of projects in the first nine months of this year, which include mixed-used complexes with residential, office, hotel, and commercial segments.