BY CHERYL M. LUIS
Cebu Landmasters Inc. (CLI), the leading developer in Visayas and Mindanao started constructing a P1.5 billion premier residential tower in Iloilo City. It is also a partnership with International Builders Corporation (IBC) under joint venture vehicle GGTT Realty.
The project is expected to be completed in 2025, 75% of it is already sold which could earn a projected P2.4 billion revenues. 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.
This is CLI’s second project in Iloilo City. The first is the Casa Mira Iloilo of which 97% are already sold.
This 33-story with 600 units on a 2,539 sqm tower is constructed in Arroyo Street Iloilo City. The street is where most big-time businessmen in Iloilo started. This iconic address is 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.
“I remember, I was told that in Arroyo Street most of the prominent businessmen started here. So, they could say that this place is ‘maswerte,’ that’s why they already reserved some units early. They feel nostalgic and remember their past struggles and success in this street and Terranza Residences symbolized where the past and presents meet,” Jose Soberano III explained.
Iloilo is one of the four key VisMin regions with high housing gap coupled with the 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. More so 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.
During the event, Governor Arthur Defensor Jr. is also present. He was thankful to CLI for bringing the project to Iloilo City despite the pandemic, where businesses are crumbling due to quarantine and lockdowns issue.
“I’m very thankful to CLI, the Soberano, and Tans for investing here in Iloilo despite lockdowns. This project could also help Ilonggos in terms of employment. I hope this will just only the beginning and more projects to come,” Defensor said.
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.
CLI partners with Vision Properties Development Corporation as the general contractor for Terranza Residences./PN
