PROPERTY developer Cebu Landmasters, Inc. (CLI) announced on Wednesday the start of the construction of its four-tower residential complex valued at P1.8 billion in Bacolod City.

“Casa Mira Towers Bacolod Tower 1 opened for selling last month is now 73% sold, generating a sales value of P630 million for 276 units. This is a testament of a robust demand for housing and Bacolod market’s strong acceptance of the project,” the company said in a disclosure.

The residential project offers 1,429 studio and one-bedroom units with areas of 20 to 22 square meters (sq.m.) and 27.75 to 29.75 sq.m., respectively.

It is set to be completed by the fourth quarter of 2026, and will be the second project in Bacolod to carry the Casa Mira brand, which accounted for 41% of the listed company’s record reservation sales of P16.5 billion in 2021.

“Like other Casa Mira properties in VisMin, Casa Mira Towers Bacolod offers a strategic location in Barangay Bata (Lacson Street) where it is accessible to the city’s business districts, major schools, hospitals and malls,” CLI said.

Around 40% of the project’s 1.12-hectare footprint will be devoted to open space, allowing residents a “more serene in-city living experience.”

Other amenities include a fitness gym, clubhouse, prayer room, viewing deck, play area, an adult and kiddie pool, and ground floor retail spaces.

CLI’s in-house property management firm will prepare backup power measures in case of power outages and provide security systems to “ensure the upkeep and growth in value over the long run of a residential condominium development.”

The real estate company said it is also set to launch more projects in Davao, Palawan, and Cebu.

In 2021, CLI posted an attributable net income of P535.96 million in the third quarter, down 24.5% from P709.78 million in 2020.

From January to September, attributable net income rose 23.3% to P1.85 billion from P1.50 billion previously.

At the stock exchange on Wednesday, CLI shares fell by P0.03 or 1.01% to P2.94 apiece. — Luisa Maria Jacinta C. Jocson

Published in BusinessWorld