GIVEN the strong sales take-up of its residential units in the Visayas and Mindanao (VisMin), homegrown developer Cebu Landmasters Inc. (CLI) expects to exceed its sales target for this year.
CLI told the local bourse, Monday, Oct. 11, 2021, that it posted a 13 percent growth in reservation sales year-on-year to P11.8 billion for the first nine months of 2021.
Most of the seven projects launched during the period are now 90 percent to 100 percent sold out.
“We see our sales momentum further picking up speed in the fourth quarter as we launch more residential projects in VisMin for our buyers who are predominantly end-users. Thus, it is foreseen that the company will exceed its sales target for the year,” said Jose Soberano III, the company’s chief executive officer. “Demand for mid and economic homes in VisMin continues to be strong despite the extended economic effects of the pandemic, and we are optimistic take-up will further improve as recovery takes place.”
The lion’s share of those projects remains concentrated in Cebu which accounted for 38 percent; followed by Iloilo, 21 percent; Cagayan de Oro, 17 percent. The rest come from projects in Davao, Bacolod, Dumaguete, Ormoc and Bohol.
Casa Mira remains CLI’s best-selling brand, cornering 50 percent of the sales followed by mid-market Garden Series with 33 percent; and the high-end Premier Masters, 17 percent.
Casa Mira is the group’s economic residential brand.
To further enhance its connections to the customer, the firm opened new satellite sales offices, bringing the total number to eight across VisMin.
New township in Cebu
The listed company looks forward to further expanding its township developments which will provide a stream of projects over the long term.
The largest of these is the 100-hectare Minglanilla project in Cebu which was issued a Notice to Proceed by the Philippine Reclamation Authority in early October.
This paves the way for the establishment of a techno-business hub with a fully integrated port facility. The township development will have residential, commercial, industrial, civic and recreational components. (KOC with PR)