CLI to earn P900M for Bohol project

RESIDENTIAL developer in the Visayas and Mindanao (VisMin) Cebu Landmasters Inc. (CLI) recently expanded its footprint to Bohol with the launch of a 204-unit residential development in Dauis, Bohol targeted towards the robustly growing mid-market segment in the VisMin region.

Expected for completion in 2023, Velmiro Greens Bohol is projected to earn revenues of more than P900 million for CLI. The development offers townhouse and single-detached units from 60 to 100 square meters in a 3.6 hectare gated and secured community that has generous amenities strategically located near schools, malls, tourist spots and other major establishments.

The Bohol project is CLI’s fourth carrying the Velmiro brand aimed towards mid-market buyers who accounted for 37 percent of the company’s total sales in 2019. Other Velmiro communities have been established in Cebu, Cagayan de Oro and Bacolod.

The Velmiro brand is associated with generous open spaces with landscaped parks, a swimming pool, multi-level clubhouse with functions rooms, fitness gym, basketball court, playground and surrounded by landscaped parks.

“Our buyers feel they are getting great value for their money and this has resulted in good takeup rates across all our Velmiro projects,” said Jose Soberano III, CLI president and chief executive officer.

In a recent market study by Santos Knight Frank covering 10 cities in the Visayas and Mindanao where CLI operates, the firm emerged as the top residential developer besting other national and local players.

The firm recognized as the Best Developer in the Philippines by Asia Property Awards is set to further expand its presence in Iloilo and Ormoc this year with new projects.

CLI said its reservation sales registered at P12.67 billion in 2019, higher than the 2018’s P9.6 billion and its target of P12.5 billion.

The bulk or 58 percent of the sales came from Cebu City projects. Davao City contributed 15 percent; Cagayan de Oro, 13 percent; Bacolod, 12 percent; and Dumaguete, two percent. (PR)