PUBLICLY listed property developer Cebu Landmasters Inc. (CLI) is on track to meet its full-year financial target, following its posting record reservation sales of P6.17 billion from January to September 2018.
In a disclosure with the Philippine Stock Exchange on Wednesday, the company reported it is poised for double-digit fiscal growth representing a 69-percent increase year-on-year and 88 percent of the firm’s 2018 goal of P7 billion worth of bookings.
“Most of the sales, along with the total number of units sold, came from Casa Mira, the CLI brand designed for the Filipino family,” said Jose Soberano III, CLI president and CEO. “Our high-end projects in Cebu and mid-market project in Bacolod City also significantly contributed to our total sales performance.”
He noted that about 2,500 units were taken up by the market at an average price of P2.5 million.
Economic-housing brand Casa Mira contributed P1.42 billion from sales of 746 units; Baseline Center, a high-end mixed-use development in Cebu City, accounted for P1.18 billion from sales of 341 units; and MesaVirre Garden Residences, a condominium complex in Bacolod City, sold 427 units to raise P929.93 million.
“The strategies we have adopted in the housing market allow us to meet full-year targets,” Soberano said.
The top executive cited 14 projects serving the mid- to economic segments in different locations in the Visayas and Mindanao—such as Cebu, Dumaguete, Cagayan de Oro and Davao—would continue to improve sales.
Additional revenues are also expected from upcoming projects in Bohol and Iloilo.
“We expect to see continued strong sales performance in the coming years as demand for housing from these segments of the market remains firm,” he said.
CLI remains bullish on its business prospects on the back of strong consumer spending as shown by a third-quarter survey of the Bangko Sentral ng Pilipinas, saying 9.2 percent of Filipino households intend to buy houses in the next 12 months.
The leading local property firm in the Visayas and Mindanao areas has a total of 52 developments in various stages in eight key cities: Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol.
On the back of increased property deals closed by the company, CLI posted an increase of 30 percent in net income to P826 million in the first half of 2018 compared to P633 million posted in the same period in 2017.
Real-estate sales grew by 45 percent to P2.585 billion, from P1.788 billion last year, mainly from MesaVerte Residences in Davao City, Baseline Center in Cebu City, Casa Mira South in Naga City and Casa Mira Towers Labangon in Cebu City. Combined revenue reached P2.6 billion, growing by 45 percent, from P1.807 billion posted during the two periods in review.