ASEAN KEY DESTINATIONS
Cebu Landmasters and partners to build Citadines project in Davao
Cebu Landmasters Inc. (CLI) has partnered with two Davao-based companies to do a mixed-used development in Davao City valued a P4 billion.
In a regulatory filing on Friday, CLI said it has signed a memorandum of agreement with Yusan Strategic Holdings Inc. and Davao Filandia Realty Corp. to from Yusan Huang Excellence Soberano Inc. (YHES).
The joint venture will develop a 1.9-hectare property into the Citadines Riverside Davao, which is expected to be completed by 2021.
The agreement signed on November 10 tasked CLI to handle the project management and own 50 percent of the YHES.
Partners Yuson Strategic Holdings Inc. and Davao Filandia Realty Corp. will have an equity ownership of 32.05 percent and 17.95 percent, respectively.
To be developed in two phases, the mixed-use city center will have a hotel, residential condominium, retail arcade, and convention area.
CLI said YHES has entered into a technical advisory and service management agreement with Ascott Limited for the project.
The mixed-use development is now in the planning stage and is scheduled to be launched in the first quarter of 2018.
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