Cebu Landmasters Inc. (CLI), a regional real estate developer, on Tuesday said it achieved record reservation sales of P14.25 billion last year, some 12 percent higher than the P12.67 billion posted in 2019.
The company said the amount is equivalent to about 5,300 housing units sold across key cities, mostly in the Visayas and Mindanao.
“Despite the many challenges posed by the pandemic in 2020, our sales figures indicate strong revenue streams ahead and an upward growth trajectory. We found many opportunities amidst the crisis that contributed to our performance,” CLI Executive Vice President and COO Franco Soberano said.
The company said 69 percent of its reservation sales came from its economic brand Casa Mira; 19 percent from its mid-market product Garden Series and 10 percent from its high-end Premier Masters.
During the year, CLI launched 9 new projects worth P11.4 billion accounting for 4,300 units in fresh inventory. As the pandemic roils in the country, demand for housing heightened and wiped out its existing inventory.
The company then pursued to rollout of new projects in Bohol, Iloilo, Dumaguete and Davao.
By year-end, 70 percent of the company’s new inventory had been sold, it said.
In terms of geographic reach, CLI strengthened its presence outside of its home base, Cebu.
As of the end of December, more than half of its sales came from other regional capitals such as Iloilo, 17 percent; Davao, 13 percent; Cagayan de Oro and Bacolod at 10 percent, respectively; and Dumaguete and Bohol, 6 percent. Cebu took the remaining portion.
In 2021, CLI said it intends to push its growth momentum with a supply pipeline of 8,000 units in 15 residential projects valued at P17 billion. These units will be located in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro and Davao.
Soberano said they foresee greater opportunities this year as the global and local economies recover and consumer confidence is further bolstered by a low-interest rate environment favoring Filipino home buyers.
“Covid-19 realigned spending priorities and stressed the importance of homeownership as a means of securing the future.”