Cebu Landmasters, Inc. (CLI) said reservation sales in 2019 went up by 31% to P12.67 billion, surpassing its P12.5-billion target.
In a statement on February 3, 2020, the company attributed the increase to the strong take up of projects mostly in Cebu City, its home base. The projects in Cebu accounted for 58% of the booked sales while projects in Davao City contributed 15%; Cagayan de Oro, 13%; Bacolod, 12%; and Dumaguete, 2%.
“Reservation sales is an indication of future revenue and with the robust sales performance of our projects, we are again anticipating outstanding financial results from CLI,” CLI chairman and chief executive officer Jose R. Soberano III said.
He cited Mivela Garden Residences, a mid-market residential condominium in Banilad launched in 2019 which sold 80% of available inventory in less than a month. The strong take up prodded the firm to launch its fourth and last tower ahead of schedule.
Mivela is under CLI’s Garden Series for the mid-market, which accounted for 37% of total sales. CLI’s high-end Premier Masters residential brand contributed 30% while the economic housing brand Casa Mira contributed 29%. Office condominiums and socialized housing accounted for the remaining balance.
The company launched projects worth a total of P18 billion in 2019: Davao Global Township – Phase 1, One Paragon Place, and Citadines Paragon Davao in Davao City; Citadines Bacolod City, Casa Mira Bacolod, Velmiro Plains Bacolod and Building C of MesaVirre Garden Residences in Bacolod City; Casa Mira Towers CDO in Cagayan de Oro; Mivela Garden Residences, One Astra Place Tower 2, and Casa Mira Towers Mandaue; and Pinamalayan Socialized housing in Mindoro.
More projects will be launched in 2020, especially in new locations such as Iloilo, Bohol and Ormoc.
“CLI is also exploring new locations and tapping new markets as we eye land in areas such as Tacloban, General Santos, Roxas City, Boracay and even Palawan,” Soberano said.
CLI is building up to 200,000 sqm of gross leasable area and expand its hospitality portfolio to more than 1,600 rooms in the next two to three years. (Ventures Cebu from PR)