CEBU Landmasters Inc. (CLI) on Monday said it will build a P1.5-billion residential condominium project in Iloilo after it signed a joint venture agreement with local businessman Alfonso Tan, chairman of International Builders Corp., for the property.
The residential tower will rise on a prime corner lot in the city’s downtown area in Iloilo, the company said.
CLI will own 50 percent of the residential development and will manage the project, while the group of Tan, who recently developed the GT Town Center Mall in Pavia, will simultaneously develop a downtown mall that connects to the residential tower. The tower will be the first condo offering in the downtown area, it said.
“We are 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,” Jose Soberano III, the company’s CEO, said.
The project will be planned and completed in four years. Over the same period, CLI will also establish close to 1,200 units of its economic house and lot Casa Mira Iloilo in a 14-hectare lot in Jaro.
The project is wholly owned by CLI and land development has already commenced.
CLI began catering to the housing needs of employees in Cebu province’s industrializing areas two decades ago, and currently has projects in nine cities in Visayas and Mindanao outside of its home base Cebu City. From employee housing, it popularized residential condominium living in strategic urban locations in Cebu City, Cagayan de Oro and Davao City.