Cebu Landmasters, Inc. (CLI) has launched its P1.2-billion commercial tower Latitude Corporate Center in Cebu Business Park, it said on Thursday.
In a disclosure to the exchange, the listed Visayas-Mindanao property developer said the tower is the first project of BL CBP Ventures, Inc., its joint venture with Borromeo Brothers Estate, Inc.
Latitude Corporate Center aims to attract local and multinational firms as its tenants. This includes banks, technology service providers, real estate, companies from food and retail industries, and IT-BPO firms.
“Our economy is now reopening and we see a future turnover for office spaces, especially from the IT-BPO sectors,” said Jose R. Soberano III, chairman and chief executive officer of CLI.
“As we expand our office footprint, we also foresee our industry players slowly transition business operations back to normalcy in the coming months as we anticipate post-pandemic recovery,” Mr. Soberano said.
The company said it engaged Leechiu Property Consultants as its leasing agent.
Latitude Corporate Center stands 24 floors high. The first two floors will host the retail component of the development. Its eighth to 12th floors, meanwhile, are dedicated to business process outsourcing (BPO) offices and the 14th to 16th floors will be for executive offices.
It will offer 83 units with 35,000 square meters (sq.m.) of gross floor area. It will also lease spaces from 51 sq.m. up to 2,000 sq.m., which is said to be “ideal” for small and medium-sized enterprises as well as large-scale businesses.
The building will also have its own parking area with 247 slots.
Latitude Corporate Center features LED lighting, operable windows for natural ventilation, a rainwater collection system, provision for fresh air via “stub-outs,” and material recovery facility.
It will also have its own plaza with a tree sanctuary, a “live wall” at its main lobbies, 60% glass ration, and 20% vegetated green spaces.
The development has been awarded a four-star accreditation under the Building for Ecologically Responsive Design Excellence (BERDE) rating.
“Its schematic building design follows a unique ‘stacked building blocks’ form to mirror a minimal, elegant and timeless facade,” CLI said. It was designed by Philippine architectural firm AIDEA Philippines, Inc.
Latitude Corporate Center brought the company’s gross leasable area (GLA) to 29,000 sq.m. from 14,000 sq.m. The company also said it has over 47,000 sq.m. of office and retail GLA under construction.
CLI’s long-term strategy is to build up its a GLA to 200,000 sq.m. The property developer said it aims to have its of office, retail, and its hospitality portfolios contribute 10% of its topline in the next three to five years.
CLI shares at the stock exchange declined 2.09% or six centavos on Thursday, closing at P2.81 apiece. — Keren Concepcion G. Valmonte