HOMEGROWN property developer Cebu Landmasters, Inc. (CLI) said on Tuesday it is confident it will surpass its P4 billion sales reservation target for 2017 with more project launches slated in the last quarter.
CLI said reservation sales for the first nine months have reached P3.66 billion, up 26 percent from the P2.9 billion recorded in 2016.
“This year is a banner year and with several launches scheduled in the last quarter of 2017, we are confident of surpassing our P4 billion target,” CLI President and Chief Executive Officer Jose Soberano 3rd told the Philippine Stock Exchange.
Among the company’s key drivers are a range of residential projects across central business districts in Cebu, Davao, and Cagayan de Oro provinces.
In Davao and CDO alone, it said reservation sales from condominiums have reached P1.26 billion. In Cebu, high-end 38 Park Avenue at the Cebu IT Park registered sales of P815 million, phase one of economic housing project Casa Mira South contributed P577 million, while phases one and two of mid-range tower Mivesa Garden Residences reached P526 million.
For the balance of the year, a significant addition will come from second-half residential launches and its housing brand “Casa Mira,” which features more open spaces and amenities.
More developments under the same brand will be launched. The projects are located in Sibulan, Negros Oriental with 543 units; 526 units in Iloilo; and 727 units in Guadalupe, Cebu. Overall, Casa Mira units launched for this year alone will total 7,600 units.
CLI said it recently acquired a 14-hectare property in Granada, Bacolod worth P170 million. Funding was sourced from its initial public offering.
The property, to be launched before the year ends, has been earmarked for 1,200 Casa Mira townhouse units.
“We have captured the needs and preferences of the Visayas and Mindanao market. We have always believed that client satisfaction—from buyers of high-end as well as economic housing developments—has a multiplier
effect on revenue streams,” Soberano said.