Cebu Landmasters Inc., a listed regional property developer, said Tuesday it sold out the newly-launched P2.5-billion residential development in Davao City, reflecting continued strong market demand.
CLI said in a disclosure to the stock exchange all the 546 units offered under Mindara Residences were snapped up less than one week after launch, making it the company’s second fast-selling project in in Davao.
“Mindara Residences’ remarkable sales reflect the invaluable trust of end-users and investors in CLI projects, inspiring us to uphold our commitment to serve our markets by providing them with quality developments,” CLI chairman and chief executive Jose Soberano III said.
CLI said unit buyers of the two-tower development were attracted to the project because it integrated within LPU Town Davao, which is a university township located a few meters away from Davao International Airport and major establishments.
The residential development offers studio and one-bedroom units with floor areas range between 22 square meters and 43 sq. m. Prices range from P3.1 million to P8.8 million.
The project, which sits on a 3,698-sq. m. lot has sustainable features, such as cross ventilation and natural lighting in the hallways and corridors as well as roof decks, pocket gardens on several floors, a leisure pool, and a shared podium for retail spaces and basement parking.
CLI said given continued strong demand for affordable housing projects, it planned to launch 17 residential projects as it continues to expand in new areas in the VisMin region.
CLI has more than 100 projects in different stages of development in 16 key cities in the the Visayas and Mindanao, with another P29.75 billion worth of projects in the pipeline.
It budgeted P13 billion in capital expenditures this year primarily to acquire more land for future development and completion of existing projects.