CEBU Landmasters, Inc. (CLI) on Wednesday said it broke ground for a P1.5-billion premier condominium tower in Iloilo City, which is already 75% sold.
Terranza Residences is a partnership between the listed Visayas-Mindanao (VisMin) property developer and International Builders Corp. (IBC) under a joint venture called GGTT Reality.
“The VisMin residential market continues to hold a lot of promise for us. More so in Iloilo because we have partnered with IBC, a successful local business known also for its philanthropy,” said Jose R. Soberano III, chairman and chief executive officer of CLI.
CLI is tasked to develop and manage the condominium, while IBC will build and manage the retail part of the development. Designed by Edward Co Tan + Architects, the tower will follow a traditional Filipino bahay na bato (stone house) theme.
Meanwhile, Vision Properties Development Corp. was assigned as the general contractor for the project.
The 33-story Terranza Residences is CLI’s second Iloilo City project. It is expected to be completed by 2025, bringing in as much as P2.4 billion in revenues.
It will be home to 600 units on a 2,539-square meter (sq.m.) property. The residential segment will offer one-bedroom units spanning 24 sq.m. to 174 sq.m., which may be combined, as well as penthouse units with 117 sq.m. of space to as much as 174 sq.m.
The project will feature a sky lounge, a rooftop garden, a play area, fitness gym, and a helipad.
“CLI’s strong reservation sales in the first nine months of the year attest to sustained and strong VisMin housing demand,” the company said. It recorded a 13% growth to P11.8 billion in reservation sales in the three quarters to September.
Shares of Cebu Landmasters at the stock exchange inched up on Wednesday by 0.68% or two centavos to close at P2.95 each. — Keren Concepcion G. Valmonte