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CEBU Landmasters Inc. has bought a 7.2-hectare property here for P133.42 million for a residential project that would carry the firm’s Velmiro Heights brand in Cebu.

The project is part of the Cebu Landmasters’ expansion program in Mindanao and Visayas stated in the use of its initial public offering proceeds.

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The project, scheduled to be launched in the first quarter next year, would be the firm’s second Velmiro Heights project since 2013, and the second here after the three-tower, 798-unit Mesaverte condominium.

Its disclosure to the Securities and Exchange Commission reads: “In line with its thrust to strategically expand outside its home-base, Cebu Landmasters executed a deed of absolute sale with a local land owner to purchase a 7.2-hectare property in Cagayan de Oro City for P133,423,850.”

The firm described Cagayan de Oro as the 10th most populous cities in the country, and one of the key sites identified by the company for expansion as stated in the use of IPO proceeds.

It second project here is envisaged to be a modern midange residential development in uptown Cagayan de Oro, providing elegant, comfortable and well-designed homes and luxurious amenities suitable for the refined tastes of its clientele. (hg)

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