Mid-income developer Cebu Landmasters Inc. (CLI) said it has a grabbed a wider market share of condominium units in the Metro Cebu residential market, driven by demand for its properties.
In a statement on Friday, CLI said it accounts for 11 percent of the residential condo units in Metro Cebu, making it the second largest developer in the area.
“…[the]company accounts for the second highest number of residential condo units in Metro Cebu with 11 percent market share, just after real estate giant Ayala Land at 17 percent and followed by Filinvest at 8 percent,” CLI said.
In an earlier report, Colliers International Philippines said that around 1,300 units were taken up in Metro Cebu in the third quarter of 2016, the majority of which were in the middle-income category.
“More than half of the total take-up were from the Mid-Income category, followed by the Economic (20 percent) and the Affordable (16 percent) segments,” Colliers said.
Colliers noted that the overall demand from locals is mainly attributed to increasing household incomes boosted by OFW remittances.
“Other factors attributed to stronger take-up during the period are low interest rates; flexible and affordable payment schemes offered by banks and developers; improved accessibility to residential projects especially those inside township projects; and a generally robust macroeconomic environment,” Colliers said.
Accounting for a large chunk of condominiums in the Metro Cebu market, CLI has seen strong demand for residential condos, particularly seen in the robust take-up of units in its Mivesa Garden Resi-dences project.
The company noted that that the 600 units it launched for the first phase of development were sold out in three months.
“Now selling its fifth of a proposed seven towers a few minutes from the Cebu IT Park, Mivesa Garden Residences, a mid-market condominium project has been known since 2013 as Cebu’s fastest selling condo development,” CLI said.
CLI President and Chief Executive Officer Jose Soberano III said factors condo buyers in Cebu take into account when looking for a condominium is the value appreciation of the unit brought by its strategic location and highly competitive pricing.
“You need to calibrate just how much to give the buyer in terms of unit space and amenities because in the end he will buy only what he needs and no more,” Soberano said.
In addition, CLI Marketing Vice-President Joanna Soberano noted that the firm’s reputation as a developer also plays a role in how the market receives its projects.
She emphasized that most Cebuanos know Cebu Landmasters as a reputable and trusted local developer that delivers hand-on service, quality and good value projects.
“The firm has also staked its reputation on the timely delivery of projects. In fact, selling out projects before their completion dates have become a regular occurrence for the firm for both their premium and economic projects as well,” CLI said.
Furthermore, apart from its projects in Cebu, the property developer expanded its market reach in 2015, as it launched the MesaVerte Residences, its first venture in Cagayan de Oro.
The mid-market condominium sold out two towers with a total of 504 studio and one-bedroom units less than a year after it was launched, according to the firm.
“The quick take-up of its projects has led the company to expand around VisMin in the next few months, launching new developments in Davao City, Iloilo City, Bacolod and Dumaguete,” CLI said.