Listed property developer Cebu Landmasters Inc. (CLI), whose operations center in Visayas and Mindanao, on Monday reported an 86 percent jump in its year-end reservation sales tally, from P4.58 billion in 2017 to P8.54 billion in 2018.
The year 2018 was a year of expansion to other key areas of Visayas-Mindanao fortifying CLI’s leadership in property development of the region
This was already 22 percent higher than the P7-billion growth target set, the company said.
CLI achieved 65 percent of its goal, or P4.6 billion, in only the first half of the year.
The amount is net of the joint-venture partners’ share. The full sales number was seen to hit a record P9.76 billion.
We target to provide homes for every Filipino family in each economic segment…Our strategy is proving effective and, given the strength of the property market, we will continue bringing our developments to even more Filipinos in the Visayas-Mindanao region.
The strong sales were driven by the new launches, such as the Baseline Prestige, One Astra Place and Casa Mira Towers in Cebu and the MesaVirre Garden Residences in Bacolod, the developer said.
“The year ended even stronger than what we expected,” president and chief executive officer Jose Soberano III said in a regulatory filing.
“The year 2018 was a year of expansion to other key areas of Visayas-Mindanao (VisMin) fortifying CLI’s leadership in property development of the region.”
Various Cebu projects accounted for majority of the booked sales at 57 percent, CLI said.
This was followed by projects in other VisMin cities such as Cagayan de Oro accounting for 16 percent of the total booked sales and Bacolod and Dumaguete properties at 15 percent and 11 percent, respectively.
CLI also stated that 36 percent of its sales this year was from its high-end Premier series, while the mid-market Garden series and economic brand Casa Mira accounted for 34 percent and 30 percent, respectively.
“We target to provide homes for every Filipino family in each economic segment…Our strategy is proving effective and, given the strength of the property market, we will continue bringing our developments to even more Filipinos in the Visayas-Mindanao region,” Soberano said.
“This 2019, we will expand further out of our Cebu home base to Iloilo, Bohol, Ormoc, Gen. Santos and Davao. And to further diversify our portfolio expanding to townships and hotels.”
For the first six months last year, CLI reported net income of P826 million, higher than the P633 million recorded in the same period in 2017.
Propelled by positive reception in its residential business expansion in Visayas and Mindanao, the developer’s revenues rose by 45 percent from the January to June period to P2.6 billion.
This is already half of CLI’s anticipated P5.3-billion revenue growth for 2018.
CLI has over 50 developments in different stages in eight cities: Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol.
The developer’s shares sold for P4.25 apiece as of 2:10 p.m. on Monday, down by 1.85 percent or 0.08 centavos.