NEAR DAVAO RIVER: Mixed-use project to start next year

A COMPANY formed by a consortium of those in real estate development will start to build a mixed-use development in a 1.9-hectare property near the Davao River by the first semester next year.

SIGNING their joint venture agreement (from left) are; Jason Huang, president and chief executive officer Davao Filandia Realy Corp.; Jose Soberano, president and chief executive officer Cebu Landmasters; Frederick Yuson, president and chief executive officer Yuson Strategic Holdings Inc.; and Arthur Gindap, regional manager for Philippines and Thailand. The agreement is for the development of a mixed use project near the Davao River. BING GONZALES

SIGNING their joint venture agreement (from left) are; Jason Huang, president and chief executive officer Davao Filandia Realy Corp.; Jose Soberano, president and chief executive officer Cebu Landmasters; Frederick Yuson, president and chief executive officer Yuson Strategic Holdings Inc.; and Arthur Gindap, regional manager for Philippines and Thailand. The agreement is for the development of a mixed use project near the Davao River. BING GONZALES

In the signing ceremony Friday at Aposento in Matina IT Park, Jose R. Soberano III, chair and chief executive officer of Cebu Landmasters Inc., said they would invest about P3 billion for the first phase of the project which will have two phases.

The YHES (Yuson Huang Excellence Soberano) Inc., the company that will carry the project, is a 50-50 joint venture between Cebu Landmasters Inc. and homegrown firms Yuson Strategic Holdings Inc. and Davao Filandia Realty Corporation.

“We targeted to complete the project in five years,” Soberano said.

Part of the development is the 250-unit condominium-hotel Citadines Riverside Davao of The Ascott Limited. Of the units, 125 will be up for selling.

Arthur G. Gindap, general manager for Philippines and Thailand of The Ascott Limited, said the project would be the first for his company in Mindanao and their second with Cebu Landmasters Inc.

Mindanao, Gindap said, has attracted investors and tourists, who are the target markets for their project.

Apart from Citadines, the mixed-use development will also have 450 residential units, convention center and boutique mall. The project is in a property owned by Yuson and Huang families along McArthur Highway and near Davao River.

Jason V. Huang, president and chief executive officer of Davao Filandia Realty Corp., said the 30 families, who are tenants in the property, are scheduled to vacate the area by January. The families, he said, will be relocated in Mintal.

“We bought a one-hectare property for them in Mintal,” Huang said.

The project is among the joint venture of Cebu Landmasters Inc., Yuson Strategic Holdings Inc. and Davao Filandia Realty Corporation. They have also partnered to build MesaTierra Garden Residences.

“Together with our joint venture and management partners, we are committed to bringing a modern and comfortable city lifestyle to Davao City, providing Davaoeños they need in one venue,” Soberano said. (KMF)

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