Residential project 90% sold – official

THE 22-STOREY residential project, a joint venture of a Cebu-based company and a local property property developer, has continued to attract investors as about 90% of the units have been sold since the pre-selling period early this year.

 Jose R. Soberano III, president and chief executive officer of Cebu Landmasters Inc. (CLI), said his company’s first venture with Yuson Commercial Investments is expected to be completed in 2020.

 The project, he said, is called Mesa Tierra Garden Residences at E. Jacinto St., which was officially launched in March.

 “As Davao has continued to prosper, we have remained bullish to invest here,” Soberano said.

 CLI and its Davao-based partners the Yuson, Huang and Tan families are also looking to transform the 22-hectare Matina Golf and Country Club into a central business district which will have a residential component, office spaces, civic centers and a school.

 The CLI and its partners will also establish a mixed-use development in a 1.9-hectare property near Davao River by the first half next year. The investors would pour in P3 billion for the first phase alone.

 The riverside project is a 50-50 joint venture between Cebu Landmasters Inc. and homegrown firms Yuson Strategic Holdings Inc. and Davao Filandia Realty Corporation, which comprised YHES (Yuson Huang Excellence Soberano) Inc.

 “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.

Posted in Business