The Soberano family-led Cebu Landmasters Inc. (CLI) sold out an upscale residential tower in Cebu within days, underscoring the resiliency of the high-end market despite looming recession woes.
CLI, a leading developer focused on The Visayas and Mindanao, said all units at its Calle 104 project were cleared out by buyers in “record” three days. Projected gross revenue from the project was pegged at P3 billion, the builder said.
“The high-end project in Cebu is CLI’s eighth launch this year across VisMin, bringing the total 2022 reservation sales to more than P13.5 billion,” CLI said in a statement on Monday.
The project is located along the Ramos and Ranudo Streets in Cebu City, said it be a popular address of prominent families in the province.
“The sales velocity of the project shows that there is a growing demand for upscale residential developments coinciding with the economic recovery and progress of Cebu City,” said CLI CEO Jose Soberano III.
“The majority of its buyers are medical professionals, particularly doctors, who choose Calle 104 as their investment of choice,” he added.
Calle 104 is a two-tower residential project offering a range of units from studios to three-bedroom penthouses. Unit prices range from P3.5 million to P23.7 million.