CLI acquires 4.6-ha Cebu property

MANILA, Philippines - Cebu-based property firm Cebu Landmasters Inc. (CLI) is acquiring a 4.6-hectare property in the province which will be developed into another residential project.

It executed a deed of absolute sale with various lot owners to purchase parcels of land in Bogo, Cebu, the company told the Philippine Stock Exchange.

According to its prospectus filed with the PSE, proceeds  will be used to purchase land for a residential development in the said area.

The company, founded by industry veteran Jose Soberano III in 2003, made its debut in the stock market last month, raising P2.9 billion after selling up to 575 million shares at P5 per share.

Proceeds from the initial public offering would be used to fund its Visayas and Mindanao expansion.

 For its latest acquisition, CLI said the project would be the second of the Villa Casita series in Cebu, the socialized housing brand of the company.

“Villa Casita offers its homeowners well-designed homes, well-planned site development, and sizable green spaces for parks and community facilities traditionally found only in mid-market or upscale developments,” CLI said.

CLI will launch the project, within the third quarter of this year and is designed to provide over 697 homes to families in the north of Cebu.

Through Villa Casita, CLI is able to cater to the need of high quality and yet affordable housing for Filipino families. This forms a key part of CLI’s full-range of residential products which also include its Premier Masters, Garden-Series, Casa Mira brands.

In the first half, the company booked P2.87 billion in reservation sales, already nearing last year’s figure of P2.94 billion.

The company attributed the strong sales performance to the success of its portfolio of projects including newly launched developments such as 38 Park Avenue in Cebu IT Park, MesaTierra in Davao, and Casa Mira South economic housing project in Naga, Cebu.

CLI launched 38 Park Avenue in March and has already sold out 60 percent of its inventory.

Capitalizing on its well-designed projects, the company is confident it would sustain the outstanding sales performance in the first semester.

The company is a Cebu-based developer that is aggressively expanding to the Visayas and Mindanao, aiming  to become the region’s most preferred  developer in three years.

The developer has a track record in horizontal and vertical residential projects, mixed-use, hospitality and office developments, covering a wide segment of the property market.

It has 28 projects completed or in various stages of construction, with a total of 11,141 units in Cebu, Cagayan de Oro and Davao.