Business and Economy
CLI inks P4-B deal for Davao mixed-use project
FILE: “Economic opportunities in Davao, the strong and deep roots of our partners in this city and our expertise in project development ensure a high success rate for this project,” CLI president and chief executive officer Jose Soberano III told the local bourse. (Photo: cebulandmasters.com)
MANILA — Listed homegrown property developer, Cebu Landmasters Inc. (CLI), has signed a joint venture agreement with two firms to build a PHP4-billion mixed-use project in Davao City.
CLI is set to expand its footprint in Mindanao with the signing of a deal with Yuson Strategic Holdings Inc. and Davao Filandia Realty Corporation. The joint venture firm has been named YHES (Yuson Huang Excellence Soberano) Inc.
Its new project in Davao City is a mixed-use development that will include an internationally-branded hotel, convention facilities, four residential towers and a boutique retail podium.
This is the latest addition to CLI’s growing mixed-use portfolio which also includes the Base Line Center in Cebu, 38 Park Avenue in Cebu IT Park, and Astra Centre in Mandaue City.
“Economic opportunities in Davao, the strong and deep roots of our partners in this city and our expertise in project development ensure a high success rate for this project,” CLI president and chief executive officer Jose Soberano III told the local bourse.
Phase 1 of the mixed-use development will be anchored by a 250-room hotel and serviced residence, named Citadines Riverside Davao.
YHES Inc. entered last week into a technical advisory and service management agreement with Ascott Limited, the world’s largest service residence operator, for the hotel and serviced residence project.
The first phase will also feature the first of four residential condo towers, boutique retail and convention facilities. Phase 1 is expected to be operational by 2021.
“We are very happy to partner with CLI in its second Citadines and TheAscott Limited’s first in Davao,” said Arthur Gindap, TheAscott Limited’s Regional General Manager for Philippines and Thailand. (PNA)
