MANILA - Cebu Landmasters Inc said Friday it unveiled its P4-billion skyscraper in Cebu City that is set to open in 2025 and would become the home of Sofitel on the island.
Masters Tower Cebu will house office, retail space and the 5-star luxury hotel Sofitel Cebu City, the developer said in a disclosure to the stock exchange.
CLI said it built the project in anticipation of the "robust" economic recovery in the next few years.
“We want to build this project for Cebu, to show our positive outlook for this growth city,” CLI CEO Jose Soberano III.
“We are optimistic that the hospitality industry will bounce back particularly in the Visayas and Mindanao where there is high potential for more international hotel players and tourism demands for quality hospitality experiences," he added.
The property is located on a 2,840-square-meter area in the Cebu Business Park, the company said. Cebu Landmasters said it would be among the top 3 tallest structures in the metropolis, which would top off at 192 meters above sea level.
The 14th to 32nd floors will house Sofitel with 195 guest rooms, a grand ballroom, 2 restaurants, executive lounge, meeting rooms, roof deck, swimming pool, gym and spa, CLI said.
The company said it is aiming for LEED Gold certification.
The property developer earlier said it planned to launch 15 projects worth P17 billion this year.