CLI’s sales hit record P8.5B as VisMin market shows promise
Property developer Cebu Landmasters Inc. (CLI) achieved a record P8.5 billion in first semester reservation sales as new residential developments were unveiled in Cebu, Iloilo and Ormoc.
The six-month reservation sales marked a 14-percent year-on-year growth, attributed to sustained housing demand in CLI’s strongholds in the Visayas and Mindanao areas.
As CLI launched six projects across different segments in Cebu, Iloilo and Ormoc, it recorded P5.2 billion in reservation sales in the second quarter alone, exceeding the P4.6 billion reported in the same period last year.
This six-month performance is seen to put CLI on track to meet its targeted 15-20 percent growth for 2021.
“Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory,” CLI chief executive Jose Soberano II said in a disclosure to the Philippine Stock Exchange on Monday.
Cebu accounted for 29 percent of CLI’s record sales, while Iloilo contributed 27 percent. Cagayan de Oro (CDO) accounted for 20 percent, while the rest came from Davao, Bacolod, Dumaguete, Bohol and Ormoc.
In terms of market segments, CLI’s midmarket and economic housing units accounted for 38 percent and 41 percent of total sales, respectively, while high-end developments took a share of 21 percent.
CLI also reported a high take-up of its recently launched projects. Velmiro Heights CDO is now 83 percent sold out while Mandtra Residences in Cebu is 82 percent taken up.
Based on a research by property consulting firm Leechiu Property Consultants, annual demand for housing in VisMin, where CLI is a leading market player, will average at 475,000 through 2022, close to half will come from middle and economic housing segments.
CLI has also begun offering higher-end units in anticipation of a postpandemic boom in VisMin. In Iloilo City, the company’s premium residential project Terranza Residences had sold 81 percent of inventory in just three months from the project launch in April.
The property developer has also boosted its digital capabilities to allow customers to easily inquire about a unit in any of its projects in 15 VisMin cities, get real-time responses, check construction progress and join virtual events, among others.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.