VISAYAS-MINDANAO property developer Cebu Landmasters, Inc. (CLI) has recorded more than P13.5 billion in reservation sales after selling out an upscale residential project in Cebu City.
“The sales velocity of the project shows that there is a growing demand for upscale residential developments coinciding with the economic recovery and progress of Cebu City,” CLI Chief Executive Officer Jose R. Soberano III said in a press release on Monday.
The P2.4-billion Calle 104, the company’s eighth launch in the region this year, was sold out within three days, the firm said.
“Majority of its buyers are medical professionals, particularly doctors, who choose Calle 104 as their investment of choice,” it added.
Mr. Soberano said “prominent families in Cebu” are the target market for the mixed-use project.
“Its outstanding performance is also attributed to its strategic location, which is very close to major hospitals in Cebu City,” he said.
Calle 104 is a joint venture project of CLI and Borromeo Brothers Estate, Inc. under Cebu BL-Ramos Ventures, Inc. It is located in Cebu City’s Ramos and Ranudo streets.
“Its name refers to the number of an iconic home, the Garcia-Escaño Mansion on Ranudo Street, adjoining another property on perpendicular Ramos Street,” CLI said.
The 5,530-square meter (sq.m.) property has two towers: Ramos Tower has 20 floors while Ranudo Tower has 18 floors.
Aimed at young professionals, Ramos Tower has 325 studio and one-bedroom units, while Ranudo Tower has 192 studios and three-bedroom penthouse units.
Prices of the units range from P3.5 million to P23.7 million. The old Garcia-Escaño landmark was restored to make way for the development.
Among the amenities are swimming pools, function rooms, a jogging path, and a gym.
Calle 104, which is expected to be completed by the fourth quarter of 2026, is projected to bring P3 billion in gross revenues.
Its two towers will be connected by a retail podium, which will have a 5,000-sq.m. gross floor area open to restaurants, clothing, and shops for essentials.
The project will also host a 2,300-sq.m. supermarket in its basements “for the convenience of residents.”
On Monday, shares in CLI lost three centavos or 1.22% to finish at P2.42 apiece. — Justine Irish D. Tabile
