CEBU Landmasters, Inc. (CLI) anticipates a “strong recovery” for the property market in the Visayas-Mindanao (VisMin) region after logging a record P11.8 billion in reservation sales in the first nine months of the year.
“Demand for mid and economic homes in VisMin continues to be strong despite the extended economic effects of the pandemic and we are optimistic take-up will further improve as recovery takes place,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Monday.
The company said it is expecting to exceed its sales target set for the year after reservation sales hit P11.8 billion in the first nine months of 2021, 13% up from P10.5 billion year on year.
CLI’s economic housing brand, Casa Mira, accounted for 50% of the sales, while its Garden Series for the mid-market segment took up 33%. The high-end brand, Premier Masters, accounted for 17% of the sales.
The developer said most of the seven projects launched during the nine-month period are nearly sold out.
CLI now has eight satellite sales offices located across the Visayas and Mindanao region to complement its online sales platform, where clients can check out virtual tours of its projects.
“We see our sales momentum further picking up speed in the fourth quarter as we launch more residential projects in VisMin for our buyers who are predominantly end-users,” Mr. Soberano said.
CLI is planning to expand its township developments, one of which is the P20-billion Ming-Mori Techno Business Park in Minglanilla, Cebu. The 100-hectare project just received a notice to proceed from the Philippine Reclamation Authority.
The bidding and the awarding of contracts for the Ming-Mori project is slated for the last quarter of the year, while actual reclamation may begin by the first quarter of 2022.
CLI is also working on a 14.4-hectare university township Manresa Town in Cagayan de Oro, located near Xavier University’s Masterson Campus. The company’s 22-hectare Davao Global Township is also nearly completed.
“We continue to pursue projects in anticipation of VisMin’s strong recovery and opportunities to move this region forward,” said Mr. Soberano.
CLI said it is looking to acquire more land as well as work on estate development projects. Majority or 38% of the company’s projects are located in Cebu, 21% are in Iloilo, 17% in Cagayan de Oro, and the balance comes from its projects in Bacolod, Bohol, Davao, Dumaguete, and Ormoc. — Keren Concepcion G. Valmonte