Listed VisMin developer Cebu Landmasters Inc unveils an iconic tower planned by the designers of the world’s most acclaimed skyscrapers, Skidmore, Owings and Merrill (SOM) in tandem with one of the country’s top architects GF Partners and Architects.
Masters Tower Cebu, set to be completed in 2025, will offer prime office and retail spaces and the first five-star luxury hotel in the Queen City of the South.
Sofitel Cebu City will be operated by multinational chain Accor, a world leading hospitality group headquartered in France.
The tower is Cebu Landmasters’ most iconic architectural structure to date, building a towering crown-like structure to represent the “Queen City of the South”.
The development valued at over Php4 billion will rise on a 2,840 sqm property considered to be the remaining prime corner lot in the Cebu Business Park, Cebu City’s prestigious central business district.
The architectural masterpiece will top-off at 192 meters above sea level and will be among the top three tallest structures in the metropolis. It will have a structural height of 172 meters high, with an architectural design inspired by the best of Cebuano creativity and craftsmanship, and with sustainability as one of its cornerstones having been conceptualized to use energy and resources efficiently and responsibly.
Groundbreaking of the LEED-registered Masters Tower Cebu is slated for the second quarter of 2021. CLI is aiming for the building’s LEED Gold certification.
“This project is the culmination of our learnings as a full-line developer catering to a range of markets in one of the most dynamic regions of the country,” disclosed Jose Soberano III, CLI CEO. “We want to build this project for Cebu, to show our positive outlook for this growth city,” he adds.
Following the firm’s double-digit growth in 2020 despite the pandemic, Soberano disclosed that Masters Tower Cebu looks forward to the upsurge of the local economy and the return of international travellers to the South.
Cebu Landmasters topped anew the residential property development business in Visayas and Mindanao (VisMin) in 2020, keeping its market leadership for the second straight year.
This was based on a recent study by Santos Knight Frank (SKF), which noted that Cebu’s homegrown property developer had the largest market share among real estate firms providing condominium projects and subdivisions outside Luzon.
CLI accounted for 18,683 units, or 12 percent, of the available 86,126 units in VisMin, pulling ahead of developers operating nationwide, based on SKF’s third quarter 2020 data. The closest rivals were Sta. Lucia Realty and Development and Camella Homes, at 11,897 units and 11,768 units, respectively.
Apart from having the largest inventory, CLI topped residential sales in VisMin during the period, with an absorption rate of 83 percent and a sales takeup of 210 units a month.
CLI posted record reservation sales of P14.25 billion in 2020, accounting for 5,300 units sold across key cities in VisMin. Despite the lingering pandemic, CLI’s sales takeup level grew by 12.4 percent last year compared to 2019. – BusinessNews.ph
