CLI to exceed P4B reservation sales goal
Property developer Cebu Landmasters Inc. (CLI) expects to exceed its P4 billion reservations sales goal this 2017, thus seen to become a banner year for Cebu’s first publicly listed real estate firm.
Citing brisk demand from its home turf of Visayas and Mindanao (Vis-Min), CLI president and chief executive officer Jose Soberano III disclosed to the Philippine Stock Exchange on Tuesday that reservation sales for the first nine months stood at P3.66 billion, 26 percent more than the P2.9 billion reservations sales registered for the entire 2016.
“This year is a banner year and with several launches scheduled in the last quarter of 2017, we are confident of surpassing our P4 billion target,” Soberano said.
Reservation sales are a gauge of how revenues will grow in the next few years.
Sales drivers for third quarter reservation sales included a range of residential projects across the
economic spectrum in Cebu, Davao and Cagayan de Oro.
Combined reservation sales of mid-market garden series residential condominiums in Davao and Cagayan de Oro accounted for P1.26 billion.
High-end 38 Park Avenue at the Cebu IT Park contributed over P815 million in reservation sales while phase 1 of economic housing project Casa Mira South in Cebu contributed P577 million. Phases 1 and 2 of mid-end condominium development Mivesa Garden Residences in Cebu accounted for P526 million.
A significant part of projected reservation sales for the balance of the year will come from its new residential launches in the second semester alongside CLI’s economic housing brand named Casa Mira “which gives more in open spaces, amenities and overall value to the Filipino family,” Soberano said.
Using proceeds from its initial public offering, CLI recently acquired a 14-hectare property in Granada, Bacolod. CLI also plans to build 1,200 Casa Mira townhouse units while 38 Park Avenue, a high-end development, will soon rise to be the tallest building in Cebu IT Park.
Mivesa Garden Residences was likewise cited as one of CLI’s fastselling mid-rise condos. Its first two towers are fully sold.
Other Casa Mira developments that will be launched in the last quarter of 2017 will be in Sibulan, Negros Oriental (543 units); Iloilo (estimated 526 units); Guadalupe, Cebu (727 units). Including units from three other projects launched prior to this quarter in Cebu, Casa Mira will roll out a total of 7,600 units this year.
Soberano attributed CLI’s performance to growing demand for quality residential projects in Vis-Min.
“We have captured the needs and preferences of the Vismin market. We have always believed that client satisfaction – from buyers of high-end as well as economic housing developments – has a multiplier effect on revenue streams,” he said.
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