CEBU LANDMASTERS, Inc. (CLI) has purchased a 4.6-hectare property in Bogo, Cebu, which will be developed into a socialized housing project under the Villa Casita brand.
In a disclosure to the stock exchange on Wednesday, the property developer said it has executed a deed of absolute sale with a number of lot owners in order to buy land in Bogo for P21.29 million. The total amount of the transaction is based on the negotiated price of P460 per square meter.
The listed firm has paid P10.6 million during the signing of the deed of absolute sale, with the remaining 50% set to be settled once the land title is transferred in the name of the company.
The acquisition is part of the company’s plans for the proceeds of its maiden offer last June 2, where it raised P2.9 billion to speed up expansion in the Visayas-Mindanao region.
CLI posted P2.87 billion in reservation sales during the first half of 2017, almost the same amount as the reservation sales it booked for full-year 2016.
Shares in CLI slipped by four centavos or 0.82% to close at P4.89 apiece at the stock exchange on Wednesday. — Arra B. Francia
