MANILA, Philippines — Cebu Landmasters Inc. (CLI), a listed property developer that is focused on the Visayas and Mindanao regions, expects double digit growth this year after posting record reservation sales of P6.17 billion in the nine months to September.
The nine-month reservation sales reflected a 69 percent increase year-on-year.
The figure also represents 88 percent of the listed company’s 2018 goal of P7 billion, said CLI president and chief executive officer Jose Soberano III who credited the strong performance to robust sales from Cebu properties.
These include economic housing brands such as Casa Mira and high-end projects in Cebu.
CLI’s mid-market project in Bacolod also boosted the company’s performance.
“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,” Soberano said.
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.
Baseline Center, a high-end mixed-use development in Cebu City chalked in P1.18 billion from sales of 341 units while 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 said.
He said 14 projects serving the mid to economic segments in different locations in Visayas and Mindanao such as Cebu, Dumaguete, Cagayan de Oro and Davao would continue to boost sales. Additional revenues are also expected from forthcoming projects in Bohol and Iloilo.
“We expect to see continued strong sales performance in the coming years as demand for housing from these segments of the market remains firm,” Soberano said.
The company is bullish on the economy, echoing the expectation of more consumer spending, as borne out by a third-quarter Bangko Sentral ng Pilipinas (BSP) survey saying 9.2 percent of Filipino households intend to buy houses in the next 12 months.
CLI has a total of 52 developments in different stages in eight key cities: Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol.