NEW RESIDENTIAL PROJECTS boosted Cebu Landmasters, Inc. (CLI)’s reservation sales in 2017, allowing it to post a 55.6% growth from 2016 figures.
In a statement issued Tuesday, the listed property developer said it booked reservation sales of P4.58 billion in 2017, exceeding its P4-billion target.
CLI said the growth was driven by newly launched residential projects — 38 Park Avenue in Cebu IT Park which offers 745 units, Casa Mira South in Cebu with 3,200 units, and Mivesa Garden Residences in Cebu with 1,514 units.
The company’s developments in Mindanao, such as the 798-unit Mesaverte in Cagayan de Oro and the 694-unit in Davao City, likewise showed robust sales.
“All the projects we launched were well-received by their respective markets making 2017 another banner year,” CLI Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.
CLI aims to continue this growth in 2018 as it targets to book P7 billion in reservation sales, marking a 52% year-on-year increase. This will be driven by a total of 20 projects to be launched, half of which will be in Cebu.
The company said it will be entering two new locations in the Visayas area, with Bacolod to house two residential projects and a hotel. CLI will also be constructing a residential condominium in Iloilo, riding on the optimism on the expected economic growth in these areas.
“Reports from the National Economic Development Authority show that the Visayas region will zoom ahead of other regions in the next five years and is expected to outpace the projected 7-8% growth for the Philippines,” CLI said.
For Mindanao, CLI is planning the launch of two residential subdivisions and one condominium in Cagayan de Oro, as well as a central business district and two residential condominiums for Davao City.
“In 2018, we will continue to expand our footprint in the Visayas and Mindanao, and develop projects that respond to the growing market in these areas,” Mr. Soberano said.
With this, CLI looks to end 2018 with a total of 66 developments. These projects cater primarily to the mid-market segment, although the company noted some of its condominiums serve the high-end market as well.
CLI said it is counting on people with increased take-home pay to divert these funds into housing, following the lowering of personal income taxes from the newly enacted tax reform program.
This year, CLI is targeting a net income of P1.7 billion and revenues of P5.3 billion.
CLI booked a net income of P960 million in the first three quarters of 2017, 77% up from year-ago levels as revenues also jumped 67% to P2.77 billion in the same period.
Shares in CLI were down five centavos or 1.01% to P4.90 apiece at the stock exchange on Tuesday. — Arra B. Francia