Citing brisk sales in its Visayas-Mindanao bailiwick, property developer Cebu Landmasters Inc. grew reservation sales in the first nine months by 69 percent year-on-year to a record high P6.17 billion.
This accounted for 88 percent of CLI’s full-year goal of P7 billion in reservation sales.
Reservation sales are an advance indicator of the revenues that a property developer can book in the years ahead as these projects progress.
“Most of the sales, along with the total number of units sold, come from the CLI brand that gives more for the Filipino family—Casa Mira,” CLI president and chief executive Jose Soberano III said in a statement on Wednesday. “Our high-end projects in Cebu and midmarket project in Bacolod City also significantly contributed to our total sales performance.”
Soberano said about 2,500 units were taken up by the market at an average price of P2.5 million.
Casa Mira contributed P1.42 billion from sales of 746 units while Baseline Center, a high-end mixed-use development in Cebu City, chalked in P1.18 billion from sales of 341 units.
Meanwhile, MesaVirre Garden Residences, a condominium complex in Bacolod City, sold 427 units to raise P929.93 million.
“The strategies we have adopted in the housing market allows us to meet full-year targets,” Soberano explained.
The company’s bullish outlook stems from expectation of more consumer spending.