CLI brings to Cebu bailiwick P5.4-B new township
Cebu Landmasters Inc. (CLI) has launched a new township development, including a P5.4-billion condominium project, in Cebu City, fueled by strong demand in the country’s second-largest metropolis.
In a stock exchange filing on Monday, the Soberano family-led developer said Pristina Town would house residential, commercial and institutional developments.
“Pristina Town is expected to strongly contribute to and benefit from the development of Cebu’s North Growth Center—an emerging hub transforming northern Cebu City into a vibrant, sustainable and inclusive urban and economic center,” CLI chair and CEO Jose Soberano III said in their disclosure.
Cebu Homegrown Developers Inc. (CHDI), a joint venture between CLI and Ixidor Holdings Inc., will build the township project.
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.
Pristina Town is its second development following the completion of Mandtra Residences in Mandaue City.
Pristina Town will also feature the two-tower North Grove condominium development catering to the middle and upper-middle market segments.
The Lumina tower will have 386 units, mainly studio, one-bedroom and one-bedroom garden units. These will range from 24 square meters (sq m) to 35.14 sq m each, according to CLI.
Meanwhile, the Terra tower will house 643 studio units at 22.75 sq m to 25.37 sq m each. It will not have other types of units, although it will also feature a fitness gym, pocket gardens and multipurpose deck.
The retail podium will have around 3,800 sq m in commercial space, including a supermarket, CLI said.
This comes after CLI booked a 12-percent growth in its first-quarter bottom line to P1.32 billion.
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