RESERVATION sales of Cebu Landmasters, Inc. (CLI) jumped by 61% in the first half of 2018, keeping it on track to hitting its full-year target.
In a statement issued Monday, the Cebu-based property developer said reservation sales reached P4.6 billion during the January to June period, which is already 65% of its P7-billion target for the year. This is also higher than the P4.58-billion sales it recorded in 2017.
CLI attributed its record performance to the strong demand for its projects, specifically its economic housing development in Cebu called Casa Mira South that accounted for 11.2% of its total reservation sales for the first half.
The MesaVirre Garden Residences project in Bacolod also contributed to the growth, as it was able to sell out all units within the first month after launch. The company further saw strong demand for Baseline Center, a mixed-use development in Cebu City that is now 80% sold, and 38 Park Avenue, a residential project in Cebu IT Park which is also 80% sold.
“Our VisMin (Visayas-Mindanao) expansion is on the right track. With our fast turnaround strategy at work across VisMin, we are able to generate more inventory and move very efficiently from acquisition to sales and construction. This has allowed us to grow our reservation sales very strongly,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.
To keep up with its 2018 target, Mr. Soberano said the company will be launching fresh projects in the second half of the year. The new projects will be located in Cebu, Davao, Cagayan de Oro, Iloilo, Bacolod, and Bohol.
Included in the pipeline is the second phase of MesaVirre Garden Residences in Bacolod, as the company seeks to take advantage of “interested buyers who were not able to purchase Phase 1.” CLI will also be unveiling a mixed-use development called Astra Centre in Mandaue City before the year ends.
CLI has so far launched two hotels in 2018, namely the Radisson Red in Mandaue City and Citadines Bacolod. The two projects brought the company’s hospitality portfolio to a total of 969 rooms.
It also unveiled the Casa Mira Coast housing project in Sibulan, Negros Oriental, and the Lyceum University township project in Davao.
CLI has scheduled to launch a total of 20 projects for the year, programming P8.8 billion in capital expenditures to help achieve this goal.
The company’s net income grew 17% to P498.7 million, lifted by a 14% increase in revenues to P1.26 billion. This year, CLI is looking at a net income of P1.7 billion, after revenues of P5.3 billion. — Arra B. Francia