CEBU Landmasters, Inc. (CLI) sold out 80% of its P5.3-billion Mivela Garden Residences project in Metro Cebu less than a month after its launch.

In a stock exchange disclosure yesterday, CLI said it is now on track to hit its P12.5-billion reservation sales target for the year, thanks to the “overwhelming buyer interest” in Mivela Garden Residences condominium in Banilad, Cebu City.

Construction work on the four-tower residential condominium is set to begin soon.

“[T]his is a very strong indicator that our products are right-sized and right-priced,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted in the statement as saying.

A primer uploaded on the company’s website said the project involves the construction of four towers in a 1.26-hectare property, which will have a total of 1,536 residential units and 507 parking units.

CLI said it is targeting individuals and young families to take interest in the development, as it is located within a kilometer away from hotels and shopping malls.

“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Mr. Soberano said.

CLI is targeting to reach a consolidated net income of P2.6 billion and parent net income of P2 billion by the end of 2019.

In the first six months of the year, CLI recorded an attributable net income of P854.34 million, up 13% from a year ago, as revenues climbed 34% to P3.5 billion. About 61% of the company’s total revenues came from projects located in Cebu. — Denise A. Valdez