November 26, 2019 | 12:05 am [ bworldonline.com ]
CEBU Landmasters, Inc. (CLI) and
International Builders Corp. (IBC) recently signed a joint venture agreement,
led by (second from left) IBC Chairman Alfonso G. Tan and (third from left) CLI
Chief Executive Officer Jose R. Soberano III.
CEBU Landmasters,
Inc. (CLI) is partnering with International Builders Corp. (IBC) to develop a
P1.5-billion condominium project in Iloilo City.
The listed
Cebu-based property developer told the stock exchange yesterday it forged a
joint venture agreement with IBC Chairman Alfonso G. Tan to build a residential
tower in downtown Iloilo.
CLI will manage and
own 50% of the high-rise building, which is scheduled to be completed in four
years.
IBC, which has
expertise in construction, will build a mall at the same time to complement the
condominium.
“We are very proud
to forge this partnership with Mr. Alfonso Tan and his family. He has
established IBC as the leading construction firm in the region, and both our
homegrown companies are motivated by the opportunity to contribute further to
Iloilo’s exceptional growth,” CLI Chief Executive Officer Jose R. Soberano III
said in the statement.
While working on
the residential tower, CLI said it is simultaneously building almost 1,200
units of house and lot under the Casa Mira brand in a 14-hectare property in
Jaro, Iloilo.
CLI is currently
present in Visayas and Mindanao through starter homes, residential
condominiums, top-end residential units, mixed-use complexes and hotels.
In October, it said
it was building 58 projects in 10 key cities in Visayas and Mindanao as it
targets to reach 200,000 square meters of property by 2023. It also aims to
have 1,350 hotel rooms in seven locations by 2022.
CLI booked a net
income of P1.65 billion in the nine months to September, surging 77% from a
year ago, as revenues jumped 61% to P5.95 billion.
The property firm
said its reservation sales propelled its profits during the three-quarter
period as it reached a record-high P9.2 billion at the end of September.
Shares in CLI at
the stock exchange ended flat at the close of Monday’s trading to P4.70 apiece.
— Denise A. Valdez
