By Justine Irish D. Tabile | BusinessWorld
February 8, 2023
CEBU Landmasters, Inc. (CLI) posted a 13.6% increase in higher reservation sales last year to P18.8 billion, with mid-market residential projects driving sales, the Visayas-Mindanao property developer said on Tuesday.
In a disclosure to the stock market, the company said sales in its mid-market residential projects surged by 95% to P8.83 billion, accounting for 47% of the total reservation sales last year.
“Our numbers tell us that CLI made the most of the post-pandemic growth surge and we are very grateful. The new residential units that we launched were immediately absorbed by the market as shown by our record high sales velocity,” said Chief Operating Officer Jose Franco B. Soberano.
Up to 73% of the booked “record-high” reservation sales came from newly launched development. The rest came from demand for ongoing projects.
Mr. Soberano said that several of the new projects of the company were sold out in a matter of days.
CLI’s Calle 104 in Cebu City was fully taken up in three days, while its East Village project in Davao Global Township was sold out in four days. Casa Mira Towers Palawan was sold out in less than a week.
In 2022, the company launched around 5,000 units in its 16 projects worth P28.4 billion, 74% of which were sold by the end of the year.
Its ongoing projects booked an overall take-up rate of 91%, while 97% of its completed projects have been fully taken up.
The company said it is planning to launch 17 more residential projects as part of its plan of expanding to more areas in the Visayas and Mindanao region.
“We foresee an even more productive 2023 as we bring our residential brands to more and new areas in the VisMin region. We are also further expanding our portfolio by opening more hotels, launching more mixed-use and townships, and by introducing new product lines,” Mr. Soberano said.
Since the company’s initial public offering year in 2017, cumulative reservation sales have reached almost P80 billion, CLI said.
On Tuesday, shares in the company rose 1.93% to finish at P2.64 apiece. — Justine Irish D. Tabile