CLI premium ‘The Wave’ all set for July debut

CLI chief operating officer Jose Franco Soberano —CONTRIBUTED

CEBU CITY—Cebu Landmasters Inc. (CLI) will debut its premium development within the month. With the goal of seeing up to P12 billion in sales, CLI is confident that it will be able to capture demand due to relatively cheaper prices.

CLI chief operating officer Jose Franco Soberano on Friday told reporters that units at The Wave in Cebu IT Park would cost around P250,000 to P300,000 per square meter (sq m). This means that a 25-sqm studio unit would cost up to P7.5 million.

According to Soberano, such a price range in Cebu “is already considered in the premium market, although not luxury.”

Prices of premium condominium units in Metro Manila range from P7 million to P68 million, data from Leechiu Property Consultants show.

The Wave is a product of CLI’s first international joint venture, CLI NUD Ventures Inc. Last year, the Visayas and Mindanao-focused developer partnered with Japan-based NTT UD Asia Pte. Ltd. (NTTUDA) to build the two-tower condominium at Cebu IT Park.

This also represents the first Philippine project of NTTUDA, a subsidiary of Japanese telecommunications provider NTT Urban Development Corp. It currently develops mixed-use buildings and residential properties.

Each tower will have 42 floors and house around 700 units, Soberano earlier said.

“It’s still more affordable compared to the premier projects of other developers,” Soberano said.

“And we have a differentiator … having a Japanese partner where they’re meticulous with everything,” he added.

CLI currently has 126 projects across 17 key areas in the Visayas and Mindanao. These are mainly in the middle and upper-middle income segments. CLI is a dominant player in these spaces, especially after its initial public offering in 2017.

The developer logged a 12-percent growth in its first-quarter earnings, which reached to P1.32 billion. This was buoyed by its geographic expansion and sustained demand.

Consolidated revenues likewise climbed by 4 percent to P6.51 billion. Property sales made up 97 percent of the total.

As a result, CLI maintained its goal of building P36 billion worth of projects this year.

In April, Soberano confirmed that they had acquired land in Luzon to jumpstart CLI’s expansion to the country’s largest island.