CEBU LANDMASTERS, Inc. (CLI) unveiled two projects in Negros island with a combined sales value of P3.54 billion, as it looks to provide housing for employees of the booming information technology-business process management (IT-BPM) sector in the area.

In a statement on Monday, the listed property firm said it will develop a residential condominium project in Bacolod City called MesaVirre Garden Residences, consisting of 1,072 units covering 22 to 40 square meters (sq.m.) of space. The units will be spread out across three buildings, valued at P2.63 billion.

The launch of MesaVirre Garden Residences would bring the total number of units under the housing brand to 4,474, as CLI also has projects under the brand in Cebu City, Cagayan de Oro, and Davao City.

CLI’s second project in Negros Occidental is Casa Mira Coast. Under CLI’s brand of economic townhouses, the project in Sibulan offers 543 townhouse units sized from 38 to 58 sq.m., with sales projected to reach P908 million. The location is near Dumaguete City, considered a destination for IT-BPM firms.

Housing units under the Casa Mira brand will hit 5,300 upon completion of the Sibulan project. Other projects under the brand are located in different parts of Cebu, namely Naga, Talisay, Guadalupe, and Tabangon.

CLI’s decision to put up more projects in the Visayas region comes as IT-BPM firms look for more expansion opportunities in the country outside of Metro Manila.

“We’re seeing a lot of economic growth in the South and where there is growth, demand for housing follows especially among the emerging middle class,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.

The company cited a study by real estate consulting firm Leechiu Property Consultants (LPC), which revealed that 11% or about 644,000 sq.m. of office space set to come online from 2018 to 2023 will be in Cebu and other parts of Visayas. IT-BPM firms will most likely be taking up these spaces, according to LPC.

“We are now replicating our housing successes in Cebu in other cities in the Visayas with relative ease given our strong relationships in the area and keen understanding of the market,” Mr. Soberano said.

This year, the company targets to launch a total of 16 projects, as Mr. Soberano noted it is “definitely the right time” to continue developing the real estate market in the Visayas-Mindanao region.

CLI aims to book a P1.7-billion profit in 2018, 41.7% higher than its projected net income in 2017. Revenues are expected to reach P5.3 billion, 47% higher than its revenue goal of P3.6 billion in 2017.

For the first three quarters of 2017, CLI’s net income stood at P960 million, as revenues came in at P2.77 billion for the period.

Shares in CLI gained two centavos or 0.44% to close at P4.52 apiece at the stock exchange on Monday. — Arra B. Francia

RELATED ARTICLESMORE FROM AUTHOR