Mivela garden condo 80% sold since launch

Cebu, Philippines — Publicly-listed Cebu Landmasters Inc., (CLI) adds another 1,536 residential units with the introduction of its third garden series, the Mivela Garden Residences.

Located within a subdivision, San Antonio Village in Barangay Apas, (near Banilad area) Cebu City, the P5.3 billion project generated overwhelming buyer interest as it registered 80 percent units sold in three weeks.

The development, situated on a 1.2-hectare property features a total of 1,536 units, catering to mostly individuals and starter families with its mix of studio and one-bedroom units.

“Even as CLI expands in Visayas and Mindanao, we will continue to keep our strong presence in Cebu, which sets the trends of this region,” said CLI president and chief executive officer (CEO) Jose Soberano III.

Mivela Garden Residences is envisioned as a modern garden residential community that will level up city living. Greenery and open spaces will be complemented by amenities focused on a multilevel clubhouse with swimming pool.

CLI’s Garden Series residential projects for the mid-market category serves as the primary driver foe the company’s first semester consolidated revenues this year, accounting for a 35 percent contribution to the total.

Developments for the premier and economic markets turned in 33 percent and 29 percent of total earnings, respectively, for the first half.

CLI emphasized that it is on track to hit its 2019 year-end guidance of P2.6 billion in consolidated net income and P2 billion in parent net income.

The company’s projects in Cebu represent 61 percent of the company’s total revenues as of the first half of 2019.