A residential condominium will rise on a prime corner lot in Iloilo City’s downtown area.
International Builders Corp. (IBC), an Iloilo City-based construction firm owned by Alfonso Tan, recently signed a joint venture agreement with property developer Cebu Landmasters Inc. (CLI) for the high-rise residential tower.
This is the first condominium project in the downtown area.
Under the agreement, CLI will own 50 percent of the residential development and will manage the project.
The group of Tan, who recently developed the GT Town Center Mall in the town of Pavia, will simultaneously develop a downtown mall that connects to the residential tower.
“We are very proud to forge this partnership with Mr. Alfonso Tan and his family. He has established IBC as the leading construction firm in the region, and both our homegrown companies are motivated by the opportunity to contribute further to Iloilo’s exceptional growth,” said CLI chief executive Jose Soberano III.
The project is expected to be completed in four years. Within this period, CLI will also build close to 1,200 units of its economic house and lot Casa Mira Iloilo on a 14-hectare lot in Jaro district.
The low-cost housing project is wholly owned by CLI and land development has already commenced.IMT
Photo courtesy of Randy Javier Fadrigo
