Corporate News

Cebu Landmasters buys Bacolod property for P150M

Posted on June 14, 2017

CEBU LANDMASTERS, Inc. (CLI) on Tuesday said it has acquired a P150-million property in Bacolod City where it plans to develop a master planned mixed-use project.

The listed developer disclosed to the stock exchange that it has entered into a deed of absolute sale with Sta. Clara Estate, Inc. for a one-hectare property. CLI made a P127.5-million payment to Sta. Clara Estate upon signing of the agreement with a 15% retention fee.

A portion of the net proceeds from CLI’s initial public offer was used to finance the purchase. The Bacolod City property was one of the sites the company earlier said it was looking to purchase.

The Cebu-based company raised P2.9 billion through the sale of 580 million shares in its maiden listing at the Philippine Stock Exchange on June 2. CLI plans to continue its expansion in the Visayas-Mindanao region in the coming years.

The company’s developments are concentrated in Cebu, Bohol, Bacolod, Dumaguete, Iloilo, Davao, and Cagayan de Oro. This year, CLI is set to launch seven or eight more projects.

Shares in CLI closed 1.66% or 9 centavos lower at P5.33 apiece on Tuesday. -- Arra B. Francia