BACOLOD CITY -- Listed property firm Cebu Landmasters Inc. (CLI) is rolling out three projects, including a condominium, a hotel, and a residential subdivision, worth PHP5 billion in this city in the next five years.
The first of the three developments, the three-tower MesaVirre Garden Residences located along Lacson Street in Barangay Bata, is underway following the groundbreaking rites held Monday.
“We are excited for our first venture in Bacolod, a city renowned both for picturesque charms and progressive community,” said CLI founder and chief executive officer Jose Soberano III.
MesaVirre will have a total of 1,072 studio and one-bedroom units in all its three residential towers.
“It’s going to be a first in a sense that it’s going to be a residential condominium community with about 45 percent open space,” Soberano said.
In front of the condominium complex will rise a 200-room hotel by Citadines, a brand of Ascott Limited, an international serviced residence owner-operator.
The groundbreaking for the hotel, to be designed by renowned architect Jose Pedro “Bong” Recio, is expected in the next three to four months.
The Bacolod-based Sta. Clara Estate Inc. will build a commercial complex within the area “to synergize with the residential condominium community and the hotel,” Soberano added.
The third project, a 15-hectare housing development in Barangay Granada, is projected to commence in the third quarter this year.
The residential subdivision, with 1,500 housing units, will cater to both the economic and the middle income market under the firm’s Casa Mira and Velmiro Heights brands.
“All these should be something about PHP5 billion. We hope to develop all of these completely in the next five years,” Soberano added.
Jose Franco Soberano, CLI senior vice president and chief operating officer, said Cebu Landmasters has a “very big investment” in Bacolod, but they are confident of their growth in the city.
He said that a lot of locals, including the younger set, have bought units in the residential condominium’s first tower, which is already sold-out.
Also 20 to 30 percent of the buyers are overseas Filipino workers, he added.
For his part, Mayor Evelio Leonardia said the investments of Cebu Landmasters is a validation of the growth and prosperity of Bacolod.
“These projects are a reflection of the economic state of the city. We are trying to make Bacolod as business-friendly as possible, and to make business grow in the city rapidly,” the mayor added. (PNA)
