CLI completes P1.2-B Cagayan de Oro project

Listed Cebu Landmasters Inc. (CLI) expects to generate about P2 billion in gross revenues from its completed P1.2-billion residential condominium project in Cagayan de Oro City.

The residential developer focused in the Visayas and Mindaao said in a disclosure on Monday it has started turning over more than half of the 700 units of the three-tower Mesaverte Residences to its respective owners.

“We’re happy that the quick takeup of our units affirms we are meeting their needs for residences that are priced right and in strategic city locations. Moreover, our residences are part of well-managed communities that offer individuals and families personal safety and security they need during these uncertain times,” CLI Chief Executive Officer Jose Soberano 3rd said in a statement.

The Mesaverte Residences was launched in 2016 and serves as CLI’s first development outside Cebu. It is also the third completed project of the company’s mid-market Garden Series.

The residential project occupies an 8,740-square meter property with 60 percent of the lot devoted to open space complemented by amenities like a clubhouse, function rooms, swimming pools, fitness gym, children’s playground and a multi-purpose court.

CLI recorded a 17.2-percent drop in its January to June net income to P918 million from P1.1 billion in the same period last year, while its revenues were flat at P3.51 billion during the period.

CLI looks to launch a total of 14 projects worth P19 billion for the year to address the demand for affordable and mid-priced housing in the Visayas and Mindanao areas.

Shares of CLI shed 7 centavos or 1.42 percent to finish at P4.86 apiece on Monday.

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Article originally posted by The Manila Times last September 29, 2020 and written by Faye Almazan.