In line with its goal to return to its prepandemic earnings growth track starting this year, property developer Cebu Landmasters Inc. (CLI) reported a 13-percent year-on-year growth in sales takeup amounting to P11.8 billion at end-September.
This is seen to reflect strong demand from the property market in its Visayas-Mindanao (VisMin) bailiwick notwithstanding continuing mobility restrictions due to the pandemic.
Reservation sales level is a good indicator of the revenue flow that a property developer can recognize in the years ahead, as these projects progress.
“We see our sales momentum further picking up speed in the fourth quarter as we launch more residential projects in VisMin for our buyers who are predominantly end-users. Thus, it is foreseen that the company will exceed its sales target for the year,” Jose Soberano III, CLI founder and chief executive, said in a disclosure to the Philippine Stock Exchange on Monday.
“Demand for mid- and economic homes in VisMin continues to be strong despite the extended economic effects of the pandemic and we are optimistic takeup will further improve as recovery takes place,” he said.
Most of the seven projects launched by CLI during the period are now 90-percent to 100-percent sold out.