CEBU CITY — Listed developer Cebu Landmasters, Inc. (CLI) plans to begin construction of its first Luzon project in Pasig City by the end of 2026.
“Construction of the Pasig project will start by end-2026; it’s a big property,” CLI Chief Operating Officer Jose Franco B. Soberano told reporters after the company’s annual stockholders meeting on Friday last week.
“We acquired [the land] just two months ago,” he added.
Mr. Soberano said the Pasig project, located on a 3.5-hectare property along the Ortigas Avenue Extension, will feature nine towers and at least 5,000 units.
“It will be predominantly residential with mixed-uses because it’s along the highway,” he said.
Mr. Soberano said the Pasig project is multiphase, allowing the company to plan for long-term growth.
“It will be over seven to ten years. It gives us time because when you have a multiphase project, we can start with one, then we feel that the demand is very strong, (then) we’ll launch another one,” he said.
“We looked at the urban center of Metro Manila, because we see long-term opportunity. We’re really targeting the middle-to-upper middle segment for this first entry,” he added.
Mr. Soberano said CLI remains bullish on the Metro Manila property market, citing long-term opportunity for growth.
“I’m very confident in the correction of our market. It should,” he said.
A recent report by Leechiu Property Consultants showed that condominium oversupply in Metro Manila for the second quarter reached 82,800 units, equivalent to 37 months, slightly lower than the 38 months’ worth of oversupply in the first quarter.
Meanwhile, CLI expanded its board of directors to 11 from the previous nine after appointing former Rizal Commercial Banking Corp. President and Chief Executive Officer Eugene S. Acevedo and outgoing University of Asia and the Pacific President Winston Conrad B. Padojinog as independent directors.
CLI has launched nearly 130 projects across 18 cities in Visayas and Mindanao.
Shares of CLI were last traded on July 11, closing unchanged at P2.50 per share. — Revin Mikhael D. Ochave