NEWLY listed property developer Cebu Landmasters, Inc. said on Tuesday it has entered into a deed of absolute sale with Sta. Clara Estate, Inc. for the purchase of a one-hectare property in Bacolod worth P150 million.
In a filing to the Philippine Stock Exchange (PSE), Cebu Landmasters said the project is one of the identified sites where the company intends to expand geographically.
The amount of consideration was based on the negotiated price of P15,000 per square meter.
The company said it has paid P127.5 million to the seller, with a 15 percent retention fee, upon signing of the deed of absolute sale.
“The said fee will be released 30 days after the land title is transferred in the name of Cebu Landmasters,” it said.
Cebu Landmasters said the land purchase was funded through its initial public offering (IPO) proceeds. The developer listed was listed on the local stock exchange last June 2.
For its IPO, it offered 505 million shares with an overallotment option of 75 million shares. It raised P2.9 billion during the offer period which ran from May 19 to 26.
Proceeds from the IPO will be used primarily to support expansion in the Visayas and Mindanao, according to the company.
Established in 2003, Cebu Landmasters is a Cebu-based property developer with projects within the Metro Cebu residential condominium arena. Some of its notable projects are the Mivesa Garden Residences, Midori, and Velmiro for residential; the 38-storey 38 Park Avenue in Cebu IT Park for office buildings, and the 180-room The Citadines in the Base Line Center for hotels.