Cebu-based real estate developer Cebu Landmasters Inc. recently completed the P1.2-billion residential development in Cagayan de Oro City.
CLI said in a disclosure to the stock exchange Monday said it had also turned over more than half of 700 units to homebuyers in the three-tower development called Mesaverte Residences.
The project is expected to generate about P2 billion in sales for CLI once fully sold.
Mesaverte Residences is the third completed project under the company’s mid-market brand.
Construction work continued and was governed by strict safety guidelines during the lockdown period in Cagayan de Oro.
Launched in 2016, Mesaverte was CLI’s first project outside Cebu, offering 20 to 40 square metersof studios and one-bedroom units. The first phase of the project was sold out in less than a year, prompting the company to launch the second phase the following year.