Cebu Landmasters, Inc. (CLI) on Friday said it has signed a deal with Xavier University (XU) and Ateneo de Cagayan for the acquisition of a 14.3-hectare property in Cagayan de Oro, which will be developed into a new university campus and township.
In a statement, CLI said it purchased Xavier University’s Manresa property in uptown Cagayan de Oro for an undisclosed amount.
CLI is planning to use the property for the development of a mixed-use university township to be called Manresa Town.
Xavier University will then use the sale proceeds for its new 21-hectare XU Masterson Campus, dubbed “Campus of the Future,” which CLI was also tasked to develop.
“This development will serve as a key catalyst for both the education and economy in the entire region,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Friday.
CLI’s agreement with XU was endorsed by Jesuit leaders here and in Rome, and secured approval from the Vatican after a two-year review process.
The university’s new campus is said to be named after the late Fr. William Masterson SJ. It will be three times larger than XU’s current main campus in downtown Cagayan de Oro.
XU Masterston Campus “will blend seamlessly” with Manresa Town, which will provide students residential options, access to commercial establishments, as well as office spaces.
Meanwhile, the campus will have a “new normal-ready” masterplan, featuring green areas, wide roads, bike lanes, campus-wide wireless connectivity, and learning facilities suitable for virtual and physical classes. It will also be surrounded by a forested area spanning more than 25 hectares.
“We envision an academically stronger university in this new campus — one that will facilitate learning in the new normal and at the same time produce men and women for others that can make relevant contributions to Mindanao,” Fr. Mars P. Tan S.J., president of XU, was quoted as saying in the statement.
Once permits are secured, development for the new campus will begin in the second quarter of next year and will open doors in 2024. The company is also targeting to complete the first phase of Manresa Town within the same timeline.
“Both CLI and XU have always shared the same goal — this new campus and university town is truly for the betterment of the people of Cagayan de Oro City,” Mr. Soberano said.
On Friday, CLI shares at the stock exchange declined by 1.67% or five centavos to close at P3.05 each. — Keren Concepcion G. Valmonte