MANILA, Philippines – Property developer Cebu Landmasters Incorporated has acquired a 7.2-hectare property in Cagayan de Oro City for P133.4 million as part of its strategy to expand its presence in Visayas and Mindanao.
Cebu Landmasters told the Philippine Stock Exchange (PSE) on Friday, September 8, that the Cagayan de Oro property will be developed into a residential project that will carry the company’s Velmiro Heights brand, to be launched in the 1st quarter of 2018.
“The project will be a modern mid-range residential development in the upland area of Cagayan de Oro offering comfortable and well-designed homes and generous amenities to satisfy the preferences of the city’s upwardly mobile clientele,” Cebu Landmasters said.
This will be the second project of Cebu Landmasters in Cagayan de Oro after MesaVerte, a 3-tower condominium that has already sold 95% of its inventory of 798 units.
Cagayan de Oro, now considered the 10th most populous city in the country, is one of the key sites identified by Cebu Landmasters for its expansion in the Visayas and Mindanao.
The land acquisition was funded through the proceeds from the initial public offering. (READ: How a family business became Cebu’s top local developer)
Within 3 months from listing, Cebu Landmasters has already utilized 15.4% of the proceeds and is confident that other projects will be implemented on schedule.
The Cebu-based property firm earlier said it was on track to surpass its P1.2 billion net income target for 2017, after posting robust first-half results.
In the first 6 months of the year, its net income surged by 164% to P634 million as revenues jumped by 107% to P1.8 billion due to fast turnaround and strong sales of its projects.
Real estate sales grew by 108% to P1.78 billion, while leasing income climbed 21% to P19 million.
Reservation sales from January to June this year totaled P2.87 billion, an increase of 155% from the previous year, on aggressive launching of new projects in Cebu, Davao, and Naga. – Rappler.com
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