CEBU Landmasters, Inc. (CLI) reported its reservation sales in 2019 jumped 31% to P12.67 billion, driven by higher demand in its key projects across the country.
In a statement yesterday, the listed property developer said the turnout did not only surpass its P9.6-billion reservation sales in 2018, it also exceeded its target of reaching P12.5 billion in 2019.
“Reservation sales is an indication of future revenue and with the robust sales performance of our projects, we are again anticipating outstanding financial results from CLI,” Jose R. Soberano III, chairman and chief executive officer of CLI, said in the statement.
The high demand last year was traced mostly to CLI’s projects in Cebu City, which contributed 58% of total booked sales. Projects in Davao City comprised 15%; in Cagayan de Oro, 13%; in Bacolod, 12%; and in Dumaguete, 2%.
The company said notable projects such as Mivela Garden Residences propelled the sales turnout last year, as the mid-market residential condominium in Cebu City sold 80% of its available inventory in less than a month.
Other outstanding performers are CLI’s mid-market Garden Series brand in Bacolod and Cagayan De Oro, which comprised 37% of total sales; and the high-end Premier Masters residential brand, which accounted for 30% of total sales.
CLI’s economic housing brand Casa Mira took 29% of last year’s total sales. The rest were from office condominiums and socialized housing.
After completing P18-billion worth of projects last year, the company now wants to focus on developing projects in new locations such as Iloilo, Bohol and Ormoc. CLI currently has a landbank of 1,245,485 square meters.
Mr. Soberano said CLI is also eyeing to buy land in Tacloban, General Santos, Roxas City, Boracay and Palawan as part of the expansion.
“CLI will continue to grow and fortify its presence in VisMin, deliver a diversified range of products aimed towards filling the needs in other major growth centers of the region, and keep our excellent financial performance,” he was quoted as saying.
In 2019, CLI was able to launch new projects in Davao City, Bacolod City, Cagayan de Oro and Mindoro. Its earnings in the first nine months surged 77% to P1.65 billion, backed by a 61% rise in revenues to P5.95 billion.
The company’s shares at the stock exchange saw a four-centavo or 0.90% uptick to end at P4.50 apiece yesterday. — Denise A. Valdez