Cebu-based realtor Cebu Landmasters Inc. (CLI) said it is spending an initial P12 billion for the first phase of its planned Luzon projects.
Jose Soberano III, CLI chief executive officer, said on the sidelines of the launch of the company’s Makati City office the amount will be spent for two condominium towers and a horizontal project.
“Talking of land acquisition alone, that should be in the range of about P5 billion on these two projects. For development, around P2 billion for the first phase. In the verticals, we start with two towers, that’s P5 billion,” he said.
Soberano said the horizontal project will be in the south of Manila like Batangas and Cavite, and may measure between 50 to 100 hectares. It will offer about 5,000 to 10,000 homes.
“The obvious choice would be the south portion of Manila such as Batangas and Cavite. These are the usual suspects. We do have standing offers there,” he said.