CLI expands capex this year

By Ehda M. Dagooc Updated March 17, 2009 12:00 AM

CEBU, Philippines - Cebuano-owned real estate developer, Cebu Land Masters, Inc., (CLI) earmarks a multi-million-peso capital expenditure (capex) this year, to take advantage of the fertile market of real estate in Cebu, specifically in providing housing products in the countryside areas.

CLI president Jose R. Soberano III said that his strategy in maximizing the active real estate market in Cebu is to invest on the countryside properties, while big developers are largely penetrating properties in the urban centers.

“There are many beautiful and excellent locations around Cebu. The good road infrastructure now offers opportunities for developers like me, to develop the ‘untouched’ areas around Cebu for housing developments,” Soberano said in a press conference recently.

Aside from its existing subdivision developments in Toledo City, Balamban, and Minglanilla, the company is planning to invest on more housing projects in other areas like Talisay City, Naga, and Bogo.

“A lot of people now are looking for good investments that are within the reach of their pocket,” Soberano said.

He believes that countryside areas in the province, is one of the “un-served” markets for real estate. Notwithstanding, the global recession threat, he said developers should not stop in making activities and providing the market with quality, yet affordable investment products in real estate.

Aside from pursuing its countryside housing development projects, Soberano who is also a trustee of Chamber of Real Estate and Builders Association (CREBA-Cebu), said that he is on the move to build a 16-story building at the Cebu Asia Town IT Park, that will be the first residential and commercial condominium that will be built inside the cyber-park.

Land Masters own a 1,100 square-meter lot inside the 24-hectare IT Park, Soberano believes that the market is ripe for this kind of development in the IT Park, while Business Process Outsourcing (BPO) companies are continually locating at the park.

Land Masters recently officially launch its latest housing project called San Josemaria Village-Toledo located at Barangay Media Once.

The project is situated in a 3.6 hectare property that will offer a total of 126 houses, with complete amenities such as clubhouse, among others. He said the company is planning to expand the subdivision in the next few years, utilizing the entire 10-hectare property owned by the company in the area.

Soberano, who is known for his expertise in the real estate business, having served as vice president for property management and acquisition for Ayala Land affiliate Cebu Holdings Inc. (CHI) in first few years of the company’s establishment here, believes that there is huge market for affordable housing products in Cebu, especially in the countryside areas.

The company will utilize its internally-generated funds in combination with some borrowings to fund the multi-million-peso projects that will be started by the company starting this year and in the next few years.

CLI's first venture in residential communities was initiated in 2001 with the launching of Villa Ester residences, which was likewise fully sold in less than a year from its launch. This set the stage for the incorporation of Cebu Landmasters, Inc. in September 26, 2003 with the initial venture and introduction of affordable housing projects using the brand name: "San Josemaria Villages."