CEBU LANDMASTERS, Inc. (CLI) sold 85% of the first phase of its economic housing project in Puerto Princesa, Palawan in less than a week, the listed property developer said on Thursday.
“We are very pleased that our first venture in Luzon is a success. This shows that there is indeed a broader market for our bestselling housing brand Casa Mira beyond VisMin (Visayas-Mindanao),” CLI Chairman and Chief Executive Officer Jose Soberano III said in a stock exchange disclosure.
He added that the company “is gaining traction beyond our regions of focus.”
The first two buildings of Casa Mira Towers Palawan have 480 units and were able to generate P1.2-billion reservation sales from the expected P3-billion sales of all of the development’s seven towers.
Economic housing projects are provided to moderately low-income families with lower interest rates and longer amortization periods.
The Palawan project has projected gross revenues of P6 billion with phase one set for completion in the last quarter of 2025.
According to the disclosure, the majority of Casa Mira’s buyers are overseas Filipino workers and professionals from nearby localities who want to invest in Palawan.
“This is a strong indicator of important factors that appeal to investors: the development’s value proposition of giving more and its location being close to tourism sites in Palawan,” the firm said.
The development is situated in a 2.09-hectare property offering 20-square meter (sq.m.) studio units and one-bedroom units with up to 32 sq.m. at contract prices ranging from P2.3 million to P5 million.
“It will be operated by CLI Property Management to ensure security and efficient services,” the firm said.
Casa Mira Towers Palawan will be the 15th community to carry the Casa Mira brand. To date, there are close to 18,000 Casa Mira units throughout cities in the Visayas and Mindanao.
“The very high sales take-up of Casa Mira Towers Palawan clearly shows that there’s a lot of opportunities in Palawan and we’re looking at how we can further serve the markets in the area,” Mr. Soberano said.
On Thursday, shares of CLI climbed by 9 centavos or 3.91% to P2.39 apiece. — Justine Irish D. Tabile