Property developer Cebu Landmasters Inc. (CLI) has reported brisk demand for house-and-lot units at its latest mid-market subdivision development in Cagayan de Oro, a project seen to generate P1.78 billion in sales revenues.
In a press statement on Friday, CLI said 75 percent of 518 house-and-lot units at this development called Velmiro Heights CDO had been taken up by the market just one month after the project launch.
This is seen to reflect a strong demand for mid-market residences in Visayas and Mindanao (VisMin), CLI’s stronghold.
“COVID-19 heightened the need for homes offering safety and security not only among wage earners but also among mid-market executives and entrepreneurs in key cities in the South,” CLI chief operating officer Franco Soberano said.
The VisMin area has an estimated annual housing backlog of 800,000 units. Meanwhile the entire real estate industry is able to supply only 200,000 units a year.
The P983-million development is the second horizontal project of CLI in Cagayan de Oro carrying the same residential brand. Velmiro’s house-and-lot units have floor areas ranging from 48 to 140 square meters. The brand has seen high sales velocity in five VisMin locations.
CLI has thus far launched 1,800 Velmiro units, each priced from P2.3 million to P7 million.
“We are proud to be a homegrown VisMin brand and will keep drawing from our roots in the region to serve our clients,” said Soberano.
In the first quarter of 2021, CLI’s reservation sales increased by 17 percent year-on-year to P3.3 billion owing mostly to sales from its mid-market Garden Series developments, including Velmiro. CLI expects its growth momentum to speed up as the year progresses,
with more projects rolled out and as construction activities continue.
The hilltop 12.2-hectare Velmiro Heights CDO enclave pitches generous open space and accessibility to major destinations and 180-degree views of Macajalar Bay and the Bukidnon mountain range. —DORIS DUMLAO-ABADILLA