Property developer Cebu Landmasters Inc (CLI) is in talks with Xavier University – Ateneo de Cagayan (XU) to develop 14.3 of XU’s 63.5-hectare Manresa property into a proposed new township project in Cagayan de Oro City even as a portion of the 6-hectare Corrales campus is planned for a new commercial business district (CBD).
In a disclosure today, July 17, at the Philippine Stock Exchange, CLI said it has received a Notice of Interest from XU to develop the Manresa property in the city’s uptown area and convert it into a campus of the future. See screenshot of portion of press release below.
Under the plan, CLI proposes to acquire a 14.3-hectare portion of Manresa to integrate complementary commercial, residential, office, and leisure uses to the campus town. CLI also intends to acquire a portion of the 6-hectare Corrales campus and convert this into downtown CDO’s Central Business District, with XU’s Church of the Immaculate Conception at its heart. These acquisitions will fund the development of the Manresa campus and the redesign of the Corrales campus for XU’s School of Medicine, College of Law, and most of its graduate programs which are envisioned to remain in downtown Divisoria.
The proposed project, which will be subject to final approval from the Jesuit central leadership, is expected to change the landscape in both uptown and downtown CDO. With the goal of achieving a final collaborative masterplan that considers the needs of significant stakeholders, consultations and discussions are ongoing.
Accordingly, CLI’s proposed masterplan was chosen by the XU Board of Trustees over those by national real-estate players. It features modern school buildings, dormitories, a main plaza, interconnected courtyards, an amphitheater, and a university forum that incorporates a museum, theatre and gallery. The masterplan also includes an abundance of open spaces and greenery.
CLI is set to launch two more projects in the city later tonight: (1) The P824 million CASA MIRA TOWERS CDO, a two-tower condominium development offering 986 units ranging from 20 sqm studios to 36 sqm one-bedroom units in a strategic Barangay Kauswagan location and generous amenities. Projected completion date will be in the fourth quarter of 2022 Casa Mira Towers and Velmiro Uptown. (2) The P437 million VELMIRO UPTOWN CDO, which offers 396 house-and-lots in a 14-hectare gated subdivision in the rapidly developing Upper Canitoan area of Uptown Cagayan de Oro with 80% open spaces. Velmiro is set for turnover to clients by the fourth quarter of 2021.