• 19
  • Sep
Cebu Land Masters Inc (CLI) sold out Calle 104, a residential project in just 3 days
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Cebu land Masters (CLI) sold out its residential project located n a prime location in Cebu City in just 3 days. This is an upscale property is located in Ramos and Ranudo Streets which is a popular address of prominent families in Cebu.

The project cost 2.4Billion. The high-end project in Cebu is CLI’s eighth launch this year across VisMin, bringing the total 2022 reservation sales to over P13.5 billion.

According to its recent PSE edge disclosure, the  “Calle 104 is a well-designed mixed-use project targeted to prominent families in Cebu. Its outstanding performance is also attributed to its strategic location, which is very close to major hospitals in Cebu City”.

Majority of its buyers are medical professionals, particularly doctors, who choose Calle 104 as their investment of choice.” Calle 104 is a joint venture project of CLI and Borromeo Brothers Estate, Inc. under Cebu BL-Ramos Ventures Inc.

Calle 104 Project

Calle 104 also offers swimming pools, function rooms, a jogging path, and gym for its resident Projected gross revenues from the project has been pegged at Php3 billion.

The upscale mixed-use development designed by Casas and Architects is to be completed in Q4 2026 has two distinct towers connected by a retail podium with a gross floor area of 5,000 sqm. of lifestyle options including restaurants, clothing, and essentials. A 2,300 sqm. supermarket is located in the basement for the convenience of residents.

The name of Calle 104 refers to the house number of an iconic home, the Garcia-Escaño Mansion on Ranudo Street. This is adjoining another property on perpendicular Ramos Street. With 5,530 sqm. footprint, Calle 104 comprises 2 Towers. The 20-storey Ramos Tower at Calle 104, targeted to young professionals.

It has 325 studio and one-bedroom units on vibrant Ramos Street.

While the 18-storey Ranudo Tower at Calle 104 has 192 units offering studios up to three-bedroom penthouses up to 104 sqm. Prices of the units range from Php3.5 million for a studio to Php23.7 million. The Garcia-Escaño mansion has also been restored to serve as a gateway for this tower.

Cebu land master is a PSE listed company. Its price share is currently at 2.46/share as of the writing of this article.

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  • 16
  • Sep
Aboitiz Power (AP) Set to Acquire 34% Equity in STEAG State Power Inc.
palaboytrader Market News No Comments

Aboitiz Power is set to buy 35.4% of STEAG GmbH (“STEAG”) total issued and outstanding capital stock. This is in accordance to the use its right of first refusal (“ROFR”) to buy the portion to which it was entitled to with STEAG.

STEAG GmbH (“STEAG”) has previously sent a notice to Aboitiz Power indicating its desire to sell its interests in the Company.

On its PSE edge disclosure, Aboitiz Power stated that this is an excellent chance to contribute to the sustainable management of an existing generation plant that is an essential part of the Mindanao grid. It will also offers many Filipinos access to reliable and inexpensive power.

This plant will be able to export much-needed power to the Luzon grid, which has recently encountered constrained supply reserves, after the Mindanao-Visayas Interconnection Project is completed.

Since this is an existing generation facility, no emissions are contributed to the Philippines’ overall GHG emissions.

AP stock price is poised to break from its recent consolidation range after the news broke out. Share price closed at 32.85 pesos per share.

Aboitez Power is engaged in providing thermal and renewable energies.

A company called STEAG State Power Inc, was legally incorporated under Philippine law to carry out the development, financing, construction, testing, commissioning, operation, and maintenance of a 210 MW coal-fired power plant at the PHIVIDEC Industrial Estate in Misamis Oriental, Mindanao.

Aboitiz Power will end up owning 69.4% equity interest in the Company after completion of the acquisition.

Details of the share purchase agreement between Aboitez Power and STEAG, as below.

Number of shares to be acquired or disposed includes common shares of 109,258,684 and redeemable preferred shares of 58,389,796.

The Percentage to the total outstanding shares of the company subject of the transaction is 35.4%. The price per share is at US$0.226.

Nature and amount of consideration given or received : The total Purchase Price for the Shares is US$36,081,554.90, plus locked box interest at a simple rate of 4% per annum (on the basis of a 365-day year) from 1 January 2021 to 31 March 2022.



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