Cebu Landmasters Inc. said it expects reservation sales to grow 52 percent in 2018 to P7 billion from P4.58 billion in 2017 with the launching of more projects in Visayas and Mindanao.
CLI said in a disclosure to the stock exchange it planned to launch 10 new projects in Cebu—two residential subdivisions, three residential condominiums, three offices, one hotel and one industrial park
The property company also plans to expand in new areas, especially in the cities of Bacolod, Iloilo, Cagayan de Oro and Davao.
CLI will build two residential condominiums and a hotel in Bacolod while a residential condonminium is planned for neighboring Iloilo.
In Mindanao, CLI is launching two residential subdivisions and one residential condominium in Cagayan de Oro and unveiling a central business district and two residential condominiums in Davao.
“In 2018, we will continue to expand our footprint in the Visayas and Mindanao, and develop projects that respond to the growing market in these areas,” CLI chief executive officer Jose Soberano III said.
The upcoming projects will boost CLI’s total number of projects to 66 from 46 last year.
The company’s residential condominiums are mostly designed for the fast-growing mid-market segment.
Meanwhile, CLI said it expects that an increase in household incomes resulting from the newly approved package 1 of the government’s Tax Reform for Acceleration and Inclusion law will be channeled to housing.
CLI in 2017 reported reservation sales of P4.58 billion, exceeding its target by 13.75 percent and beating the 2016 result by 55.6 percent.
The Cebu-based property firm earlier projected net income increasing 42 percent in 2018 to P1.7 billion from a target of P1.2 billion in 2017.
Revenues also expected to rise 47 percent to P5.3 billion from the goal of P3.6 billion in 2017.
