CEBU Landmasters Inc. (CLI) on Thursday said it has sold more than 80 percent of its P5.3-billion project in Metro Cebu in just three weeks of selling, as the company is on track to meet its reservation sales for the year.
The company said the four-tower Mivela Garden Residences condominium in Cebu costs about P2 billion to construct. It is the third of CLI’s garden series residential projects in Cebu and its sixth in the VisMin area.
With the sales, the company said it is on track to meet its target P12.5-billion worth of reservations sales for this year.
“This is a very strong indicator that our products are right-sized and right-priced,” company President and CEO Jose Soberano III said.
The development features a total of 1,536 units, catering to mostly individuals and starter families with its mix of studio and one-bedroom units. The project sits on a 1.26-hectare area in Banilad area in Cebu City, where most of the hotels and large shopping malls are located.
“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Soberano said.
CLI’s Garden Series residential projects for the mid-market category serve as the primary driver for the company’s first-semester consolidated revenues this year, accounting for a 35 percent contribution to the total, it said.
Developments for the premier and economic markets turned in 33 percent and 29 percent of total earnings, respectively, for the first half.
The company is also on track to hit its 2019 year-end guidance of P2.6 billion in consolidated net income and P2 billion in parent net income. CLI projects in Cebu represent 61 percent of the company’s total revenues as of the first half of 2019.