Property developer Cebu Landmasters Inc. said it booked reservation sales of P6.17 billion in the first nine-months of the year, up 69 percent year-on-year.
Cebu Landmasters said in a disclosure to the stock exchange the nine-month performance represented 88 percent of the company’s full-year target of P7 billion.
Cebu Landmasters president and chief executive officer Jose Soberano III credited the strong performance to the robust sales from Cebu and Bacolod properties.
He said about 2,500 units were taken up by the market at an average price of P2.5 million.
The group’s economic housing brand Casa Mira contributed P1.42 billion from the sale of 746 units, while Baseline Center, a high-end mixed-use development in Cebu City, generated P1.18 billion from the sale of 341 units.
Meanwhile, MesaVirre Garden Residences, a condominium complex in Bacolod City, sold 427 units to raise P929.93 million.
“The strategies we have adopted in the housing market allows us to meet full-year targets,” Soberano said.
He said 14 projects serving the mid to economic segments in different locations in Visayas and Mindanao such as Cebu, Dumaguete, Cagayan de Oro and Davao would continue to boost sales. Additional revenues are also expected from forthcoming projects in Bohol and Iloilo.
“We expect to see continued strong sales performance in the coming years as demand for housing from these segments of the market remains firm,” Soberano said.
Meanwhile, Soberano said the company remained bullish on the property market despite rising interest rate environment.
The company’s upbeat outlook stems from an expectation of more consumer spending based on Bangko Sentral ng Pilipinas’ third-quarter survey. The poll showed that 9.2 percent of Filipino households planned to buy houses in the next 12 months.
CLI, the leading local property developer in Visayas and Mindanao, has 52 developments in different stages in eight key cities—Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol.