CEBU Landmasters, Inc. (CLI) has launched a new residential project in Bohol that it expects to generate revenues of more than P900 million.
In a statement Tuesday, the listed property developer said it is strengthening its market hold in the Visayas and Mindanao regions with the construction of a 204-unit development in Dauis, Bohol.
The property will carry the Velmiro brand and will be named Velmiro Greens Bohol, and offer townhouse and single-detached units with sizes ranging from 60 to 100 square meters.
CLI is targeting the growing mid-market segment in Visayas and Mindanao for the project as it will be built within a 3.6-hectare gated community. Velmiro Greens Bohol is set for completion by 2023.
“Our buyers feel they are getting great value for their money and this has resulted in good takeup rates across all our Velmiro projects,” Jose R. Soberano III, chairman and chief executive officer of CLI, was quoted as saying in the statement.
Velmiro is one of CLI’s brands for residential subdivision projects, noted for having open spaces, landscaped parks, a swimming pool, a multi-level clubhouse with function rooms, fitness gym, basketball court and playground.
Other Velmiro projects by CLI are Velmiro Heights in Cebu, Velmiro Plains Bacolod and Velmiro Uptown Cagayan De Oro. The company said the Velmiro brand accounted for 37% of its total sales last year.
Last week, CLI said it was driven by the “economic dynamism, resilience and social growth” of the Visayas and Mindanao (VisMin) regions, hence its continuous investment in the area.
Citing a market study by real estate consultancy firm Santos Knight Frank, CLI said it is the top developer of residential projects in the VisMin area with a 12% market share, beating Sta. Lucia Land, Inc. and Vista Land and Lifescapes, Inc. (tied at second with 8% market share), Avida Land Corp. (5% market share) and Filinvest Land, Inc. (4% market share).
“Our expertise and relationships in the region have allowed us to maximize those opportunities and have served as drivers of the firm’s consistent growth,” Mr. Soberano said.
CLI booked a 77% growth in net income to P1.65 billion as of September 2019, driven by a 61% surge in revenues to P5.95 billion. Its shares at the stock exchange closed higher by 10 centavos or 2.23% to P4.59 apiece on Tuesday. — Denise A. Valdez
