Velmiro Heights, a P983-million project by Cebu Landmasters, Inc. (CLI) in Cagayan de Oro City, has sold 75 percent of its 518 house-and-lot units a month after its business debut.

The project is estimated to produce revenue of P1.78 billion.

“COVID-19 (coronavirus disease 2019) increased the need for homes that provide protection and security not only among wage earners but also among mid-market executives and entrepreneurs in key Southern cities,” Cebu Landmasters Chief Operating Officer Jose Franco B. Soberano said in a statement on Friday.

It is the second horizontal project of the same brand in Cagayan de Oro, covering 12.2 hectares on a hilltop with views of Macajalar Bay and the Bukidnon mountain range. It is said to be easily accessible to major cities.

Velmiro Heights also had strong sales in its five Visayas-Mindanao (Vis-Min) areas, namely Tagbilaran City, Bacolod City, and Cebu City.

Cebu Landmasters has so far released 1,800 units under the brand, with house-and-lot units ranging in size from 48 to 140 square meters (sq.m.). These are valued between P2.3 million and P7 million.

The project includes a number of house styles. Its Cita townhouse, one-story single-attached Dara unit, and two-story single-detached Zuri style, with sizes ranging from 48.3 sq.m. to 53 sq.m., are aimed at young families.

Growing families can select between the two-story single-attached Asha unit and the two-story single-detached Geila unit, with models varying from 60 sq.m. to 140 sq.m., according to Cebu Landmasters.

According to the brand, “the units have been built to deliver crisp, contemporary architecture and an uncluttered frontage.”

Cebu Landmasters posted a 17 percent year-on-year growth from January to March.

Reservation revenues increased by P3.3 billion year on year. The mid-market “Garden Series,” which includes Velmiro Heights, accounted for roughly 66 percent of overall sales.

The Vis-Min property developer finished the quarter with P713.8 million in net profits attributable to father, up 25% from P572.23 million the previous year.

“CLI’s development momentum is highly likely to accelerate much more as the year continues, with further ventures being unveiled and sold out, and constructions continuing,” the company said.

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