Leading developer in Visayas and Mindanao, Cebu Landmasters, Inc. (CLI) announced a record P8.5 billion in reservation sales in the first half this year, a robust 14 percent increase from P7.4 billion year-on-year on sustained housing demand in its geographic scope.
In a statement, CLI attributed the growth to the launching of six projects during the first six months across different segments in Cebu, Iloilo, and Ormoc.
In the second quarter of 2021 alone, the listed company recorded P5.2 billion sales, exceeding the P4.6 billion reported in the same period last year.
CLI maintained its foothold in Cebu, which accounted for 29 percent of sales; and heightened its presence in Iloilo, which contributed 27 percent, and Cagayan de Oro, accounting for 20 percent. The rest were the result of sustaining sales from Davao, Bacolod, Dumaguete, Bohol, and from a new expansion area in Ormoc.
In terms of market segments, CLI’s mid-market and economic housing units accounted for 38 percent and 41 percent, respectively while its high-end developments pulled in 21 percent. These figures are in line with a study by Leechiu Property Consultants indicating that the Visayas and Mindanao housing backlog would post an annual average demand of 475,000 up to 2022 and that close to half or 200,000 would be generated by the mid-and economic segments.
The company has begun offering higher-end units in anticipation of a post-pandemic boom in Visayas and Mindanao which appears ready to host a recovery. Its efforts have been rewarded especially in Iloilo City where its premium Terranza Residences has sold out 81 percent of inventory in just three months beginning April.
All these developments have kept CLI on track as of mid-year to meet its targeted 15-20 percent growth for 2021. CLI chief executive officer Jose Soberano II said: “Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory.”