Newly-listed property developer Cebu Landmasters Inc. (CLI) has expanded its footprint in Cagayan de Oro with the acquisition of a 7.2-hectare property for a new residential development.
Cagayan de Oro, the 10th most populous city in the country, is one of the key sites identified by the company for its Visayas-Mindanao expansion as stated in the use of its initial public offering (IPO) proceeds.
In a disclosure to the Philippine Stock Exchange on Friday, CLI said it had executed a deed of absolute sale with a local landowner to purchase the property for P133.42 million.
“The Cagayan de Oro (CDO) property will be developed into a residential project carrying Cebu Landmasters’ Velmiro Heights brand first launched in Cebu in 2013,” the disclosure said.
“In response to the growing needs and preferences of various markets, CLI will be developing its second Velmiro Heights project in CDO to be launched in the first quarter of 2018,” it added.
The project is envisioned to be modern mid-range residential development offering “comfortable and well-designed homes and generous amenities to satisfy the preferences of the city’s upwardly mobile clientele.”
This will be CLI’s second project in CDO after MesaVerte, a three-tower condominium that has now sold 95 percent of its inventory of 798 units.
The land acquisition was funded with proceeds from its IPO.
Within three months from its debut on the local stock exchange last June 2, CLI has used 15.4 percent of its IPO proceeds. It is confident that its other projects will be implemented on schedule.
Founded in 2003 by real estate veteran Jose Soberano III, CLI is a developer of vertical and horizontal residential projects, mixed-use office developments and a hotel, covering a wide segment of the property market.
The company aims to be the “preferred” developer in the Visayas and Mindanao region in three years.—DORIS DUMLAO-ABADILLA