Cebu Landmasters Inc. (CLI) is starting the construction of the P5.3 billion Mivela Garden Residences in Metro Cebu.
The project, a 4-tower development on a 1.26-hectare lot in Banilad, was 80% sold after 3 weeks of pre-selling, the company told the Philippine Stock Exchange on October 24, 2019.
"This is a very strong indicator that our products are right-sized and right-priced," said Jose Soberano III, CLI president and CEO.
He said they are on track to meet the P12.5-billion reservations for this year.
The company held groundbreaking ceremonies for Mivela on October 24, 2019. Mivela is the third of CLI’s garden series residential projects in Cebu and the sixth in the Visayas and Mindanao. It offers 1,536 studio and one-bedroom units.
Mivela will feature greenery and open spaces complemented by amenities that include a multilevel clubhouse with a swimming pool. Function rooms, gym, lobby lounge, Zen gardens, and outdoor lounge areas will complete Mivela’s offerings.
CLI’s Garden Series for the mid-market category was the primary growth driver in the first semester of 2019, contributing 35% to total revenues. Developments for the premier and economic markets turned in 33% and 29%, respectively.
CLI said it is on track to hit its 2019 yearend guidance of P2.6 billion in consolidated net income and P2 billion in parent net income. CLI projects in Cebu represent 61% of the company’s total revenues as of the first half of 2019.
CLI boasts of a portfolio of 58 projects in various stages of development in 10 key cities in VisMin. The listed company has 28 fully completed projects with an aggregate amount of P17 billion. (Ventures Cebu)