Cebu Landmasters, Inc. (CLI) started construction of a P1.5 billion premier residential tower in Iloilo City prodded by strong economic prospects in the region.
Terranza Residences is a partnership with International Builders Corporation (IBC) under joint venture vehicle GGTT Realty. Expected to be completed in 2025, the project is already 75% sold and is projected to earn revenues of P2.4 billion. CLI has been named developer and manager of the premier residential development, while IBC will build and manage the retail complex to complement the residential condominium.
The development is CLI’s second project in Iloilo City. The listed company’s first, Casa Mira Iloilo, is already 97% sold.
Keen market reception of the 33-storey tower with 600 units on a 2,539 sqm. property in downtown Iloilo indicates strong housing demand even for high-end projects in the Visayas and Mindanao, according to CLI chairman and CEO Jose Soberano III. Iloilo is one of the four key VisMin regions with high housing gap coupled with high gross domestic product (GDP) and GDP per capita indicating high spending power.
Soberano disclosed: “The VisMin residential market continues to hold a lot of promise for us. Moreso in Iloilo because we have partnered with IBC, a successful local business known also for its philanthropy."
Like Iloilo, many cities in the region likewise have underserved residential markets. "Thus, we are rolling out more projects like Terranza Residences in the last quarter of the year," said Soberano. CLI’s strong reservation sales in the first nine months of the year attest to sustained and strong VisMin housing demand.
Terranza Residences offers one-bedroom units from 24 sqm. to 40 sqm. that can be combined and special penthouse units from 117 sqm. to 174 sqm. It includes a sky lounge, rooftop garden, play area, fitness gym and helipad. Moreover, Terranza Residences has direct access to the mall.
The development is further distinguished by its iconic address close to a heritage protected area valued highly by the community. The building’s design by Edward Co Tan + Architects is thus influenced by the timeless aesthetics of the Filipino Bahay ng Bato and incorporates a stone finish that mimics adobe and big arched windows.
CLI partners with Vision Properties Development Corporation as the general contractor for Terranza Residences.
The listed company recently disclosed a 13% growth year-on-year on reservation sales in the first nine months to P11.8 billion. CLI has over 100 developments in 15 key cities in the Visayas and Mindanao and will continue expanding VisMin operations to other high potential cities. It is in the process of acquiring more properties to support sustained growth.