Cebu Landmasters Inc., a residential developer in the Visayas and Mindanao, said Tuesday it expects to generate P900 million from a newly-launched residential project in Bohol province.
Cebu Landmasters said in a disclosure to the stock exchange Velmiro Greens Bohol, a 204-unit residential development, would target the robustly growing mid-market segment in the Visayas-Mindanao region.
Slated for completion in 2023, Velmiro Greens Bohol offers townhouse and single-detached units from 60 to 100 square meters in a 3.6-hectare gated and secured community
It is the company’s fourth project to carry the Velmiro brand which primarily caters to mid-market buyers. Other Velmiro communities were established in Cebu, Cagayan de Oro and Bacolod.
“Our buyers feel they are getting great value for their money and this has resulted in good takeup rates across all our Velmiro projects,” Cebu Landmasters president and chief executive Jose Soberano III said.
Real estate service provider Santos Knight Frank cited in a recent study Cebu Landmasters as the leading developer of residential projects in the south.
The study showed that the company led the residential market with a 12-percent market share, delivering close to 18,000 units in eight cities of the 10 covered by the study.
Cebu Landmasters bested Sta. Lucia Land and Vista Land which tied at second, each garnering 8-percent market share. Avida Land and Filinvest Land captured 5 percent and 4 percent, respectively.
Cebu Landmasters launched P18 billion worth of residential projects in 2019 and plans to roll out more projects in new locations this year.
“CLI is also exploring new locations and tapping new markets as we eye land in areas such as Tacloban, General Santos, Roxas City, Boracay and even Palawan,” Soberano said.