PUBLICLY-LISTED Cebu Landmasters Inc. (CLI) on Thursday said it purchased a 7.2-hectare piece of land in Cagayan de Oro (CDO) for an upcoming project that is scheduled to be launched next year.
Valued at P133 million, the property will be converted into a residential project under the Velmiro Heights brand and will be launched within the first three months of 2018.
This will be the second project under the Velmiro Heights brand following an earlier development built in Cebu. It will also be CLI’s second project in CDO after MesaVerte, a three-tower condominium.
“The project will be a modern mid-range residential development in the upland area of Cagayan de Oro City providing elegant, comfortable and well-designed homes and luxurious amenities suitable for the refined tastes of its clientele,” the company said in a disclosure.
CLI made a down payment of 50 percent or P66.7 million out of the P133 million agreed price, with the balance to be paid after the transfer of the land title. Proceeds from its initial public offering (IPO) in June this year funded the acquisition.
“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,” it said.