PROPERTY developer Cebu Landmasters Inc. (CLI) has sold P3.4 billion worth of homes or over 1,500 housing units for economic and mid-market buyers despite a national lockdown from April to June due to the Covid-19 pandemic.
This brings its total first half reservation sales to P6.2 billion, which is 20 percent higher than the P5.2 billion it achieved in the same period last year.
“Our projects maintain high sales velocity, and demand for houses in Visayas and Mindanao continues as having a home has become a priority,” said CLI chief executive officer Jose Soberano.
By the middle of June, CLI economic projects such as the 986-unit Casa Mira Towers Cagayan de Oro had been fully sold out, and sales velocity of the newly launched Casa Mira Towers Mandaue and Casa Mira Iloilo was very high at 81 percent and 50 percent, respectively.
Casa Mira South is also having a long list of buyers waiting for the opening of the new phase.
Moreover, the mid-income project Velmiro Greens Bohol with 204 units that was launched in March is now 80 percent sold. All available units of the company’s 686-unit socialized housing in Cebu, Villa Casita North, are also sold out.
Soberano said CLI only had 10 percent of its residential units available in its inventory as of end May, and new project launches are currently ongoing to further increase housing inventory.
Importance of owning home
“The pandemic is making buyers realize the necessity to live in safe and secure communities. It serves as an added push for families to buy their much-needed home, and they see that CLI’s housing brands fulfill their requirements, particularly our economic and mid-income communities,” said Soberano.
All CLI residential developments are directly managed by CLI Property Management, its dedicated property management arm, to ensure the safety and security of the residents. Stringent health and sanitation measures are in place and executed by this team, especially during the pandemic.
All projects also enjoy generous amenities like open spaces, swimming pools, playgrounds, a clubhouse, and most developments have their own chapel.
Vismin housing backlog
CLI said it aims to fill significant housing backlog gaps in the Visayas and Mindanao (VisMin)areas.
A market study of Leechiu Property Consultants, one of the country’s top real estate consultants, projected Visayas and Mindanao housing backlogs to be at 2.85 million houses by 2022 with an average of 475,000 new housing units adding up to the increasing demand yearly.
The study also revealed that 44 percent of this backlog is for economic housing, and a total of 200,000 units are needed per year.
CLI’s residential portfolio sets aside 50 to 60 percent to the economic segment to fill housing backlogs in the VisMin areas via its flagship brand Casa Mira.
Digitalized transactions, affordable terms
CLI also boosted its digital capabilities, which further sustained buyer interest, by digitizing end-to-end transactions and setting up a website that showcases all available developments for clients to choose from depending on their needs and financial means. (PR)