CEBU Landmasters Inc. (CLI) announced on Thursday, March 4, 2021, that it will being its economic housing brand Casa Mira in four more key cities in Visayas and Mindanao this year.
These will be in Dumaguete, Ormoc, Puerto Prinsesa and Davao City.
The robust expansion program was buoyed by the high takeup rate of the Casa Mira brand in the Visayas and Mindanao particularly at the height of the Covid-19 pandemic.
“At the height of the pandemic in 2020, VisMin residents purchased in record numbers CLI’s Casa Mira housing units priced from P1.6 million. They altogether accounted for 69 percent of CLI’s reservation sales of P14.23 billion, the firm’s highest to date. This robust sales figure indicates the level of revenue CLI will be recording in the future of which Casa Mira has always been a significant contributor with 30 percent share,” the CLI said.
Moreover the Casa Mira expansion, according to CLI chief executive officer Jose Soberano III, is also meant to address the housing backlog in VisMin.
A study from Leechiu Property Consultants disclosed that by 2022, housing backlog is estimated to reach 6.8 million housing units, 44 percent of which is from the economic segment catered by the Casa Mira brand.
“Many new residential seekers met that need by purchasing Casa Mira homes. As demand in other parts of the region continues to be largely unmet, we’ve made it our mission to roll out more Casa Mira projects in more VisMin cities to fill that gap,” said Soberano.
Currently, 10 Casa Mira communities with a development cost of P10.24 billion and a total of over 10,000 housing units are in five VisMin locations, namely Cebu, Bacolod, Cagayan de Oro, Iloilo and Sibulan, Negros Oriental.
Casa Mira townhouses have floor areas ranging from 40 square meters (sq.m) to 62 sq.m. and residential condominium units with floor areas from 20 sq.m. to 36 sq.m.
Moreover, with the rapid development of CLI, the stockholders of the company have approved the 123 percent stock dividends during the special stockholders’ meeting.
The purpose is to strengthen the capital base of the listed company that now has more than P50 billion total assets, and to prepare the firm for any significant equity raising opportunities.
The stock dividends will be sourced from the increase in authorized capital stock of CLI upon approval of the Securities and Exchange Commission. (JOB)