PROPERTY developer Cebu Landmasters Inc. (CLI) has signed a new P360-million joint venture to build co-living spaces and safe transient housing for young professionals and students near one of Cebu’s thriving business districts.
Named Sugbu Prime Estate Inc., the partnership with the Farrarons family led by father-and-son tandem Terre D’Or Realty Corp. chairman and chief executive officer (CEO) Enrique Farrarons Sr. and general manager Enrique Farrarons Jr., will kick off with a 7,500 square meter prime property along Banilad, Cebu City that is a walking distance to the Cebu IT Park and educational institutions.
The mixed-use development will have a retail space, over 300 dormitory rooms and a self-storage facility. The Farrarons own two hotels in strategic locations and a strip mall in Cebu City.
“We have long wanted to do a co-living or dormitory project to cater to Cebu’s workers and were thus excited to explore this opportunity with the Farrarons. Both our families believe this venture will contribute to the growth of Cebu and improve quality of living especially for those seeking secure affordable housing near prime business areas,” CLI chairman and chief executive officer Jose Soberano III told the Philippine Stock Exchange, Wednesday, March 10, 2021.
This partnership is CLI’s first foray into the co-living business.
The mixed-use project will house self-storage facilities to cater businesses doing ecommerce and homeowners looking for storage spaces.
“A recent market study of Santos Knight Frank disclosed that there will be an increase in demand for warehousing for essential goods storage. We will be ready for this,” added Soberano.
The project is set to be completed by the end of 2022. It primarily targets young professionals and students returning to work and schools, and requiring comfortable home-away-from-home secure quarters that would spare them from the health threats and inconveniences of commuting.
CLI is scheduled to roll out 1,448 hotel rooms in Visayas and Mindanao by 2024.
The listed company has firm agreements with three major international hotel groups: The Ascott Limited for four hotels with a total of 802 rooms; the Radisson Hotel Group for one hotel with 144 rooms; Accor for one hotel with 195 rooms. The brands for the remaining 307 rooms will be announced in the next few months. (KOC)