TOP officials of property developer Cebu Landmasters Inc. (CLI) said they are bullish on growing their investments in Bacolod City amid the presence of major players in the Cebu real estate industry.
On Monday, February 26, CLI announced that it started the construction of its three-tower residential project worth P1.5 billion that will soon rise on Lacson Street at Barangay Bata.
Jose Franco Soberano, executive vice president and chief operating officer of CLI, said being a homegrown Visayas and Mindanao player, they have a better understanding of the important criteria as to home ownership in the region.
Property giant Megaworld Corp. has also started the development of its two township projects in cities of Bacolod and Talisay worth about P35 billion.
Projected to be completed this year is Ayala Land Inc.’s P6-billion development of a mix-use project beside the Provincial Capitol Building in Bacolod City.
Other major retail players with ongoing new and expansion projects in Negros Occidental, especially Bacolod City, are SM Prime Holdings Inc., Double Dragon Properties, and Robinsons Land Corp., among others.
Soberano said having these players is healthy for the market as it allows developers to come up with better products.
“We have at least three years to achieve our target,” Soberano said, adding that since the construction works started two weeks ago, the first of the three towers is already 85 percent sold.
The project called MesaVirre Garden Residences located on a 3.6-hectare property is the fifth of the company’s garden series in the Visayas and Mindanao next to those in cities of Cebu, Cagayan de Oro, and Davao.
The three residential buildings have a total 1,072 studio and bedroom type units with sizes ranging from 22 to almost 41 square meters.
The completion target for the first two towers is fourth quarter of 2020 while that of the third tower is the last part of 2021.
CLI chairman and chief executive officer Jose Soberano III said “as a small player, we try to do better all the time. We have been successful in this kind of attitude.”
He said the firm has more to prove how much it can deliver amid the presence of numerous major players.
“We deliver faster. We make ourselves closer to the market by talking to them directly,” he added.
With the city’s fast-growing information technology-business process outsourcing (IT-BPO) industry, CLI expressed confidence that their investments in Bacolod will grow.
Soberano pointed out that being listed in the Tholons International and country’s Next Wave Cities, the city hosts at least 30,000 IT-BPO workers.
This is a potential number of employees having the capacity to buy condominium units, he added.
Other target markets of the company are investors and overseas Filipino workers.
The project is seen to provide 500 to 1,000 initial construction jobs to residents of Bacolod and those from neighboring cities and towns in three- to four-year development period.
February 28, 2018 By ERWIN P. NICAVERA | Sun Star Cebu