TERRANZA RESIDENCES. The architect’s perspective of the 33-story tower Terranza Residences soon to rise in Iloilo City. The project, a joint venture between the Vismin Cebu Landmasters, Inc. (CLI) and International Builders Corporation (IBC) under joint venture GGTT Realty, is expected to be completed in 2025. (Photo courtesy of CLI)

 ILOILO CITY – A PHP1.5 billion residential tower will soon rise in this city following a groundbreaking ceremony on Wednesday.

The 33-story tower with 600 units to stand on a 2,539 square meters (sqm) in this city’s downtown area will be developed by the Visayas-Mindanao developer Cebu Landmaster Inc (CLI) in partnership with the International Builders Corporation (IBC) under the joint venture with GGTT Realty, according to a press release.

The Terranza Residences project, which is already 75 percent sold, is expected to be completed in 2025 and will bring in projected revenues of PHP2.4 billion.

It offers one-bedroom units from 24 sqm. to 40 sqm. that can be combined and special penthouse units from 117 sqm. to 174 sqm. It has a sky lounge, rooftop garden, play area, gym, and helipad.

The rise of the project “indicates strong housing demand even for high-end projects in the Visayas and Mindanao,” according to CLI chairman and CEO Jose Soberano III in the same release.

“The VisMin residential market continues to hold a lot of promise for us. More so in Iloilo because we have partnered with IBC, a successful local business known also for its philanthropy," he said.

The investment is CLI’s second project in Iloilo; the first was the Casa Mira Iloilo, which is already 97 percent sold.

Soberano added that they will be rolling out more projects similar to Terranza because of the high residential market.

"We are rolling out more projects like Terranza Residences in the last quarter of the year," said Soberano.

CLI has over 100 developments in 15 key cities in the Visayas and Mindanao and will continue expanding VisMin operations to other high potential cities.

It is in the process of acquiring more properties to support sustained growth. (PNA)