CLI buys P2.3M property in Bogo

CEBU, Philippines - Cebu Landmasters Inc. has bought a P21.3-million property in La Paz in Bogo City, Cebu to develop a socialized residential project there.

In a disclosure to the Philippine Stock Exchange yesterday, the listed property firm said it executed a deed of absolute sale with various lot owners to purchase a 4.6-hectare property in the northern city of Cebu.

"It was disclosed in the prospectus that part of the IPO proceeds will be used to purchase land for a residential development in the said area," CLI said.

The real estate developer said Bogo project will be the second of the Villa Casita series in Cebu, the company's socialized housing brand.

"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," the company added.

The project is scheduled to be launched within the third quarter of this year is designed to have over 697 homes in the north of Cebu.

The company had initially paid P10.6 million as down payment for the land during the signing of the absolute sale.

The remaining balance will be paid after the land title is transferred in the company's name.

Aside from Villa Casita, CLI’s residential products also include its Premier Masters, Garden-Series and Casa Mira brands.

The homegrown developer had announced a P12-billion expansion in the Visayas and Mindanao to address the demand for housing, offices and commercial spaces. Presently it has simultaneous development projects in Cebu, Bacolod, Dumaguete, Cagayan de Oro and Davao this year.

In 2016, CLI posted a net income of P702 million from revenues totaling P2.18 billion.

CLI shares rose 1.86 percent to P4.94 apiece in early trading yesterday. (FREEMAN)