Listed property developer Cebu Landmasters, Inc. (CLI) said it booked reservations for more than P8 billion condominium and housing units in 2018 as it launched several new projects and expanded to other key areas in the Visayas and Mindanao.
“The year ended even stronger than what we expected,” said Jose Soberano III, president and CEO. “The year 2018 was a year of expansion to other key areas of VisMin fortifying CLI’s leadership in property development in the region.”
Reservation sales increased by 86% to P8.54 billion in 2018, surpassing its target of P7 billion for the year and the 2017 sales of P4.58 billion, CLI said in a disclosure to the Philippine Stock Exchange on Monday, January 14, 2019.
The company said the reported amount is net of the joint-venture partners’ share. Accounting for the full sales value is expected to reach a record P9.76 billion.
More than half, or 57%, of the booked sales came from various Cebu projects. Projects in Cagayan de Oro contributed 16%, while the Bacolod and Dumaguete properties accounted for 15% and 11%, respectively.
CLI’s high-end Premier series accounted for about a third, or 36%, while the mid-market Garden series contributed 34% and economic brand Casa Mira brought in 30% of the sales.
New projects launched in 2018 included the Baseline Prestige, One Astra Place and Casa Mira Towers in Cebu, as well as MesaVirre Garden Residences in Bacolod.
“Our strategy is proving effective and, given the strength of the property market, we will continue bringing our developments to even more Filipinos in the Visayas-Mindanao region,” according to Soberano. “This 2019, we will expand further out of our Cebu home base to Iloilo, Bohol, Ormoc, Gensan and Davao. And to further diversify our portfolio expanding to townships and hotels.”
As of 1:20 p.m. Monday, CLI was trading at P4.28 apiece, higher than its January 11, 2019 close of P4.33. (Ventures Cebu from PR)