CEBU Landmasters Inc. (CLI) is expanding its office space footprint with its newest joint venture with the Borromeo Bros. Estate Inc. in Cebu Business Park.
Positioned to become the tallest building inside the Ayala development, standing 24 storeys high, Latitude Corporate Center of BL CBP Ventures Inc. will be home to corporate and business process outsourcing (BPO) offices by the last quarter of 2019, the target date of completion.
Partnership
CLI chairman and chief executive officer (CEO) Jose Soberano III said half of the 3,000-square-meter property where the building will stand is owned by his company and the other half is by the Borromeo Brothers. The corporate tower, adjacent to the Home Mutual Development Fund building and across Insular Life building, will be developed and managed by the Soberanos.
“It is only logical to go into a joint venture for this project,” Soberano said in a press conference on Monday afternoon. Later that evening, the billion-peso project was launced at the Marco Polo Plaza Hotel in Cebu City.
Other joint ventures
For its other projects, Soberano said CLI has already entered into joint venture arrangements, starting with the Base Line Residences with RIASJAC Corp. along Juana Osmeña St., in Capitol Site in Cebu City, as well as the recently launched mixed-use project under the El Camino Developers Cebu Inc. in Cebu IT Park, where the consortium is composed of CLI, Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp., and RKD Property Holdings Inc. The P5-billion Cebu IT Park project is also set to be the tallest building inside the development, standing 38 storeys high.
Office space development of the company include Park Centrale in Cebu IT Park, and Baseline Residences that has some units allocated for offices.
Eighty percent of its projects, however, are still undertaken by the company on its own, emphasized Soberano.
Latitude, a BERDE-rated and Grade A office building, will have 35,000 square meters of gross floor area, with 22 percent up for ownership and the rest for lease, sized from 51 square meters up to 2,000 square meters, ideal for BPO locators.
Other projects
In additon, the developer will also allocate retail spaces in the first two floors to increase foot traffic in that particular area in Cebu Business Park.
By next year, Soberano said CLI will launch office towers in Davao City. It owns a two-hectare property in separate locations where the buildings will stand.
The CLI chief also said at the sidelines of the press conference that the company will push through with its initial public offering (IPO) plans, with filing for application to the Philippine Stock Exchange (PSE) slated for early next year.
Soberano said they have not yet set a schedule for the IPO date as they are still waiting for approval from the PSE.
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