Cebu Landmasters buys P133M worth of property in CDO
Soberano-led Cebu Landmasters Inc. is further expanding outside its home turf with the purchase of a 7.2 hectare property in Cagayan de Oro City for P133.42 million.
CLI plans to transform the property into a residential project under the Velmiro Heights brand, which first established its presence in Cebu in 2013. Targeted for launch in the first quarter of 2018, the project will be a modern mid-range residential development in the upland area of CDO.
This will be CLI’s second project in CDO after MesaVerte, a three tower condominium that is already 95 percent sold.
CDO, the 10th most populous in the country, is one of the key sites identified by the company for expansion.
The acquisition was funded using proceeds from its initial public offering.
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.