CLI exceeds 2019 sales goal

CLI’s mid-market residential condominium Mivela Garden Residences in Cebu City

Property developer Cebu Landmasters Inc. has exceeded its P12.5 billion reservation sales target in 2019, reflecting a robust demand for property in its Visayas-Mindanao bailiwick.

CLI reported that its reservation sales last year surged by 31 percent to P12.67 billion.

“Reservation sales is an indication of future revenue and with the robust sales performance of our projects, we are again anticipating outstanding financial results from CLI,” company chair and chief executive officer Jose Soberano III said in a disclosure to the Philippine Stock Exchange on Monday.

The company attributed this performance to the strong market take-up of key projects mostly in its home base of Cebu City, which contributed 58 percent of the sales.

Davao City accounted for 15 percent and Cagayan de Oro, 13 percent, while Bacolod and Dumaguete accounted for 12 percent and 2 percent, respectively.