Cebu Landmasters Inc. said first half sales reached P7.43 billion, up 41 percent from last year’s P5.26 billion, driven by increased demand from end-users of affordable homes seeking safer and more secure dwellings as protection from the new coronavirus disease 2019 (COVID-19) pandemic.
“Reservation sales as of June 2020 come largely from the listed company’s residential developments in key VisMin (Visayas-Mindanao) cities impacted by the pandemic,” Cebu Landmasters said.
“A significant 40 percent of sales were from projects in Cebu City, where the enhanced community quarantine (ECQ) was recently extended. Iloilo City and Cagayan de Oro likewise accounted for 23 percent and 19 percent of sales, respectively,” it added.
The company said these areas were classified as low-risk areas along with Bacolod “that contributed 10 percent of sales and Bohol at 8 percent.”
“ Market response has been overwhelming and we are now speeding up plans to offer our flagship Casa Mira residential brand to more VisMin cities,” said Jose Soberano III, Cebu Landmasters chairman.
“Until the end of 2019, 40 percent of buyers were mostly OFWs (overseas Filipino workers),” said Rose Yulo, Cebu Landmasters vice president for sales.
“In the second quarter of 2020 when VisMin was under lockdown, Cebu Landmasters’ share of OFW buyers dropped to 20 percent with local residents picking up the slack,” she said.
Yulo said the company’s locations in 15 key cities in Vismin and its strong sales performance is driving the company to launch a total of 14 projects in 2020 worth P19.4 billion focused on the economic and mid-market market segment.
Cebu Landmasters intends to roll out 7,000 more economic housing units by year-end to replenish its diminishing housing inventory.
