MANILA, Philippines — Cebu Landmasters Inc. (CLI) is expanding its footprint in Bohol.
The company introduced Velmiro Greens Bohol, a new residential development in Dauis, Bohol with projected revenue of at least P900 million.
The project, targeted for completion in 2023, will have 204 units and will cater to the growing mid-market segment in the region.
It is CLI’s fourth Velmiro brand after similar developments in Cebu, Cagayan de Oro and Bacolod.
The brand caters to mid-market buyers who accounted for 37 percent of the company’s total sales in 2019.
CLI president and chief executive officer Jose Soberano III said the Velmiro brand is associated with generous open spaces with landscaped parks and several other amenities.
“Our buyers feel they are getting great value for their money and this has resulted in good takeup rates across all our Velmiro projects,” Soberano said.
Velmiro Greens Bohol will offer townhomes and single-detached units with sizes ranging from 60 to 100 square meters in a 3.6 hectare gated and secured community.
The community will include amenities strategically located near schools, malls, tourist spots and other major establishments.
CLI emerged as the top residential developer in 10 cities in the Visayas and Mindanao, beating other national and local players, according to a recent market study by Santos Knight Frank.
The company now has different projects in strategic urban locations in Cebu City, Cagayan de Oro and Davao City.
Its housing brands include starter homes in the economic segment, residential condominiums catering to the mid-market and top-end residential brands in prime city locations.
Moving forward, the company plans to further expand its presence in Iloilo and Ormoc this year with new projects.
In the nine months to September last year, CLI’s net income attributable to parent jumped by 77 percent to P1.65 million, driven by substantial increase of revenue from CLI projects.
Revenue rose P5.9 billion during the period from the previous year’s P3.7 billion.
Source: Philstar Global