MANILA, Philippines — Cebu Landmasters Inc. (CLI) is pouring in P2 billion for a new project in Metro Cebu, the four-tower Mivela Garden Residences condominium.
It is the third of CLI’s garden series residential projects in Cebu and its sixth in the Visayas-Mindanao area.
The company has already commenced construction works for the project. which expects to generate P5.3 billion in sales.
Jose Soberano III, CLI president and chief executive officer, said CLI’s Mivela Garden Residences is already 80 percent sold after the company started pre-selling the units over a three-week period.
“Mivela Garden Residences is 80 percent sold out in three-weeks and this is a very strong indicator that our products are right-sized and right-priced,” Soberano said.
With strong sales of CLI’s latest project, the company expects to meet its P12.5 billion worth of reservation sales target for 2019.
CLI is on track to hit its 2019 year-end guidance of P2.6 billion for consolidated net income and P2 billion for parent net income.
CLI projects in Cebu represent 61 percent of the company’s total revenues as of the first half.
The company envisions Mivela Garden Residences as a modern garden residential community that will level up city living.
Amenities include a multilevel clubhouse with a swimming pool, function rooms, gym, lobby lounge, Zen gardens and outdoor lounge areas.
The whole development will offer 1,536 units, catering to mostly individuals and starter families with its mix of studio and one-bedroom units.
The project sits on a 1.26-hectare area in the Banilad area in Cebu City where most of the hotels and large shopping malls are located.
CLI’s Garden Series residential projects for the mid-market category serves as a major driver for the company’s first-semester consolidated revenue this year.
These projects account for a 35 percent contribution to the total revenue while developments for the premier and economic markets contributed 33 percent and 29 percent of total earnings, respectively, during the period.
“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Soberano said.
CLI, which made its debut in the stock market in 2017, now has 58 projects in various stages of development in 10 key cities in VisMin.