CLI launches fourth tower in Palawan development

LISTED Visayas-Mindanao property developer Cebu Landmasters, Inc. (CLI) has launched the fourth tower of its flagship residential development project in Palawan, the company said on Monday.

“The outstanding reception to Casa Mira Towers Palawan shows how much CLI’s projects are resonating with the market, especially in new areas of expansion,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement.

The newly launched residential building is part of the company’s P6.4-billion seven-tower development project in Puerto Princesa.

The completed development of the towers will offer 2,017 units, with a mix of studio units priced at P2.1 million to P3 million with a floor area of 20 square meters (sq.m.) and one-bedroom units priced at P2.6 million to P3.5 billion spanning 28 to 32 sq.m.

The three towers, which constitute phase one of the project, have already sold all of their 721 units, bringing in P2.1 billion in total reservation sales.

“The launch of the fourth tower will add fresh inventory for CLI as the company already posted 94% sell-out status of all saleable projects across different stages of development as of [the first quarter], the company said.

It expects completion of the first phase by 2026 and the fourth tower by 2027.

“We are happy with this achievement, and we believe it is a positive sign as we set our eyes on an expansion to Luzon,” Mr. Soberano added.

Meanwhile, CLI has lined up a total of 19 projects valued at P29.75 billion as it continues its growth trajectory for the year.

Casa Mira Towers Palawan is the 14th residential project by the company’s Casa Mira brand, which now offers 15,281 units across Visayas and Mindanao.

“Aside from Casa Mira, also set to help CLI close the housing gap in VisMin are upcoming residential projects in Davao and Butuan,” it added.

CLI shares slipped 0.78% or P0.02 to end at P2.56 apiece on Monday. — Adrian H. Halili