VisMin developer Cebu Landmasters Inc. (CLI) looks to launch P17-billion residential projects this year, comprising 15 residential projects with 8,000 units.
“These units will be located in Cebu, Ormoc, Bacolod, Iloilo, CDO and Davao,” the company said in a statement.
The company recorded reservation sales of P14.25 billion last year, up 12.4 percent from P12.67 billion in 2019 despite challenging times.
The company said the amount “represents 5,300 units sold across key cities in the region.”
CLI said 69 percent of its 2020 sales were from its economic brand Casa Mira; 19 percent from its mid-market Garden Series; and 10 percent from high-end Premier Masters.
“During the year (2020), CLI launched nine new projects worth P11.4 billion accounting for 4,300 units in fresh inventory. As the pandemic took its toll, demand for CLI homes heightened which led to wipe out existing inventory. This prompted the firm to intently pursue by midyear the rollout of new projects in Bohol, Iloilo, Dumaguete and Davao,” CLI said.
“By yearend, 70.6 percent of the company’s new inventory had been sold,” it added.
CLI said as of the end-December, 54 percent of sales came from other VisMin capitals, namely: Iloilo, 17 percent; Davao, 13 percent; Cagayan de Oro and Bacolod, 10 percent each; Dumaguete and Bohol, 6 percent. Cebu took 46 percent.
“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,” said Franco Soberano, CLI chief operating officer.
Soberano is optimistic of CLI’s prospects this year, saying global and local economies will recover and consumer confidence will be 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,” Soberano said.
CLI will use properties in its current landbank for 15 new projects in 2021. Plans have been drawn up for those developments.
“We will launch the projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery,” Soberano said.