CEBU Landmasters, Inc. (CLI) acquired a property in Cagayan de Oro as part of its expansion drive outside of its home turf.

The Cebu-based property developer said in a disclosure to the stock exchange on Friday it executed a deed of absolute sale with a local land owner for the purchase of a 7.2-hectare property for P133.42 million.

CLI will turn the property into the second Velmiro Heights project in Cagayan De Oro, set for roll out in the first quarter of 2018.

First launched in Cebu in 2013, Velmiro Heights will be a modern mid-range residential development in the upland area of Cagayan de Oro offering “comfortable and well-designed homes and generous amenities to satisfy the preferences of the city’s upwardly mobile clientele,” CLI said.

This will be CLI’s second project in CDO after MesaVerte, a three-tower condominium that has already sold 95% of its inventory of 798 units.

Considered the 10th most populous city in the country, Cagayan de Oro is one of the key sites identified by the company for its Visayas-Mindanao expansion.

CLI raised P2.02 billion during its maiden listing at the Philippine Stock Exchange on June 2. Within three months from listing, CLI already utilized 15.4% of the proceeds for various land acquisitions and joint ventures.

The real estate company earned P634 million in the first half of 2017, 164% higher compared to the P240 million booked a year ago, following the brisk take-up of its properties for the period.

Shares in CLI were up by three centavos or 0.61% to close at P4.92 apiece on Friday. – Krista Angela M. Montealegre