CLI acquires 78.8-ha property in Cebu bailiwick
Cebu Landmasters Inc. (CLI) has added a 78.8-hectare (ha) property in its bailiwick to build what is seen to be the province’s largest integrated township development.
The Soberano family-led developer disclosed to the stock exchange on Monday that its subsidiary, Cebu Homegrown Developers Inc. (CHDI), a joint venture with Ixidor Holdings Inc., had acquired the land in Liloan, Cebu province.
Ixidor, a holding firm currently headed by former Aboitiz Equity Ventures chair Erramon Aboitiz, in 2021 acquired the 50-percent stake of Aboitiz Land Inc. in CHDI for P609 million.
“This acquisition substantially deepens our Cebu footprint and advances our mission to create leading townships in the VisMin (Visayas and Mindanao) region…,” CLI chair and CEO Jose Soberano III said in a statement.
Located 17.8 kilometers north of Metro Cebu, the integrated township will have a multisegment residential community, complemented by commercial centers, green spaces and modern infrastructure, according to CLI.
The Visayas and Mindanao-focused developer currently has 127 projects under the residential, mixed-use, hotels and resorts and township categories across 18 key cities.
In May, CLI launched its P5.4-billion Pristina Town township project in Cebu City.
Another CHDI project, Pristina Town, is expected to feature the two-tower North Grove condominium development catering to the middle and upper-middle market segments.
Lumina
The Lumina tower will have 386 units, while the Terra tower will house 643 units.
Earlier this year, CLI confirmed plans to raise another P5 billion in sustainability-linked bonds in the fourth quarter to support its expansion plans, supported by strong demand for its properties.
CLI’s board of directors approved the public offer, sale and issuance of the company’s peso-denominated bonds on Sept. 4, although this is still subject to regulatory approvals.
This is the second tranche of its P10-billion shelf registration that the Securities and Exchange Commission approved earlier this year.
CLI raised P5 billion in March, mainly to help address the housing gap in the Visayas and Mindanao.
Proceeds from the first tranche will be used to build 16,000 affordable housing units in the developer’s two main markets by February 2029.
