Cebu’s homegrown real estate developer Cebu Landmasters Inc. (CLI) recorded P2.87 billion in reservation sales for the first semester, close to breaching the whole of last year’s sales take-up of P2.94 billion.
This reservation sales level is a leading indicator of the amount of revenues that the company can book in 2018 and 2019.
“We are very pleased to report our strong reservation sales performance for the first half of 2017,” CLI president and chief executive officer Jose R. Soberano III said in a press statement on Friday.
“This is a testament to the strong demand for CLI’s diverse range of real estate offerings in Visayas and Mindanao which encompass the high-end, mid-market, and economic residential products along with our growing commercial and hospitality portfolio,” Soberano added.
The growth in CLI’s reservation sales was attributed to strong take-up of the following projects: 38 Park Avenue in Cebu IT Park, Mesa Tierra in Davao, and Casa Mira South economic housing in Naga Cebu.
38 Park Avenue has sold 60 percent of its inventory, while Mesa Tierra, a 22-storey residential condominium, has sold over 80 percent of its inventory. Both condominiums were launched in March.
“The company is confident that outstanding sales performance in the first half will continue to be seen until the end of the year,” the statement read.
In an earlier disclosure on Monday, CLI also said it had fully paid P53 million – originally planned to be paid in the second half – for the purchase of a 6-hectare Sibulan-Dumaguete property in Negros Oriental. This was in line with the company’s intention to speed up project implementation.
“This acquisition is in line with CLI’s vision to become the number one local housing developer in Visayas and Mindanao by 2020,” CLI said.
CLI, which debuted on the Philippine Stock Exchange last month, has more than 28 completed developments from vertical and horizontal residential projects to its first commercial office project in Visayas and Mindanao.
As of July 14, CLI’s market capitalization has reached P8.9 billion.