Cebu Landmasters Inc. said reservation sales hit a record P8.54 billion in 2018, surpassing the P7-billion target set for the year, on the strong sales take-up of newly launched projects.
CLI said in a disclosure to the stock exchange that the P7.54 billion in 2018 reservations sales were 68 percent higher than the previous year’s P4.58 billion.
“The year ended even stronger than what we expected,” said CLI president and chief executive Jose Soberano III said.
“The year 2018 was a year of expansion to other key areas of VisMin fortifying CLI’s leadership in property development of the region,” he added.
CLI said 57 percent of the booked sales came from several Cebu projects.
Projects in other Visayas and Mindanao cities such as Cagayan de Oro contributed 16 percent, while the Bacolod and Dumaguete properties accounted for 15 percent and 11 percent, respectively.
CLI said 36 percent of sales in 2018 were from its high-end Premier series. The mid-market Garden series and economic brand Casa Mira accounted for 34 percent and 30 percent, respectively, as the company aims to provide homes across economic segments.
“Our strategy is proving effective and, given the strength of the property market, we will continue bringing our developments to even more Filipinos in the Visayas-Mindanao region,” said Soberano. “This 2019, we will expand further out of our Cebu home base to Iloilo, Bohol, Ormoc, Gensan, and Davao. And to further diversify our portfolio expanding to townships and hotels.”
CLI has 52 projects at various stages of development across eight cities in Visayas and Mindanao.
The group also plans to develop 200 hectares of land across Cagayan de Oro, Cebu, Davao, Mactan and Mandaue.
CLI in November broke ground on a 22-hectare central business district in Matina, Davao City. The project’s first phase, valued at around P10 billion, is expected to generate 10,000 jobs in the construction sector.
Also being developed in Davao are a two-tower residential condominium due to be completed by 2020, and a 1.9-hectare mixed-used development along McArthur Highway in Matina, set for completion in 2021.