DAVAO CITY — Cebu Landmasters, Inc. (CLI) is tapping The Ascott Ltd. for the serviced residence component of a mixed-use development project in Davao City that is planned for construction starting early 2018.
The Ascott Ltd. will manage 250 apartment units within what will be called the Citadines Riverside Davao, half of which will be up for sale to individual buyers.
Apart from the condotel, the Citadines will be composed of a four-tower residential building, retail and other commercial shops, and convention facilities.
Arthur G. Gindap, The Ascott Ltd. regional general manager for Philippines and Thailand, told media at the contract signing last Friday that their partnership with CLI marks their entry not just in Davao but in Mindanao. “Because we know that today, Mindanao is prime for business with a growing number of local investors and tourists… we offer spacious apartments, we are your home away from home for extended stay guests,” Mr. Gindap said, noting that the company manages 69,000 apartment units in over 500 properties located in 125 cities.
Mr. Gindap said they have already mapped out a plan for Mindanao as well as the Visayas, where they intend to have a presence in the major cities.
The Ascott Ltd. and CLI earlier inked a partnership agreement for the Citadines Cebu City.
The Citadines Riverside Davao, a joint venture between CLI and the Yuson-Huang group of Davao through the newly formed YHES (Yuson Huang Excellence Soberano) Inc., will be located along the MacArthur Highway on a 1.9-hectare property.
CLI Chairman and Chief Executive Officer (CEO) Jose R. Soberano III said they are eyeing to start pre-selling activities for Citadines Davao within the first quarter of 2018, to break ground within the first half of the year, and to open by 2020.
Mr. Soberano said the construction plan starts with the condotel, commercial component, and the convention facility. The second phase will involve the four condominium buildings.
“Spread around the condominium buildings are the retail component,” he said.
CLI also earlier partnered with Frederick H. Yuson, president and CEO of Yuson Strategic Holdings, for its first project in the city, the Mesa Tierra Garden Residences, through the Yuson Excellence Soberano (YES) Inc. — Maya M. Padillo