MANILA, Philippines — Cebu Landmasters Inc. (CLI) is expanding in Cagayan de Oro city.
The move is in line with efforts to expand in Visayas and Mindanao following the company’s P2.9 billion initial public offering last June.
In a disclosure to the Philippine Stock Exchange, CLI said it executed a deed of absolute sale with a local land owner to purchase a 7.2-hectare property in CDO for P133.4 million.
CLI has identified CDO as one of its expansion sites, being the 10th most populous in the country.
According to the plan, CLI will develop the property into a residential project carrying its Velmiro Heights brand, which was first launched in Cebu in 2013.
The CDO project will be launched in the first quarter of 2018, in response to the growing needs and preferences of various markets.
With generous amenities, the project is a modern mid-range residential development that will rise in the upland area of the city.
This will be the second project of CLI in CDO after MesaVerte, a three-tower condominium that has already sold 95 percent of its inventory of 798 units.
The land acquisition was funded through the proceeds received from its IPO.
Within three months from listing, CLI has already utilized 15.4 percent of the proceeds and is confident that other projects will be implemented on schedule.
CLI expects to surpass its P1.2 billion net income target for the year after posting rosy first half numbers.
Net income during the first half increased 164 percent to P634 million on revenues of P1.81 billion.