CLI Earmarks P12B for Maiden Luzon Projects

Cebu Landmasters Inc. (CLI), a listed real estate developer focused in the Visayas and Mindanao, is preparing to spend P12 billion for its maiden projects in Luzon.

- By Richmond Mercurio

After establishing a major presence in Visayas and Mindanao with over 100 projects in its portfolio, CLI is entering the Luzon market and is currently finalizing land acquisitions for potential projects.

CLI's first two projects in Luzon include a horizontal project in either Batangas or Cavite as well as a vertical project in Metro Manila.

CLI chairman and CEO Jose Soberano III said the company would spend P12 billion initially for the two projects.

"Talking of land acquisition alone, that should be in the range of about P5 billion on these two projects," Soberano said.

"For the development of the horizontal project, it will be phased so you want to start off probably with another P2 billion for the initial phase. But in the vertical, you start with two or three towers for another P5 billion," he said.