Realtor Cebu Landmasters Inc. is firming up its plans for a vertical development in a 3.5-hectare property in Pasig City.
Jose Franco Soberano, company chief operating officer (COO), said the project “will predominantly be residential with mixed-uses.” He added that the project is now in its design stage.
“We want to position this very strongly, Soberano declared.“ So, we’re looking at how can our product be better in all aspects from pricing to value offering.”
Soberano also announced that CLI is looking to launch P29-billion worth of projects in the second half of the year to capitalize on the company’s momentum.
CLI closed the first half of the year with a reported a 13 percent increase in reported net income of P2.49 billion from P2.2 billion.
Revenues reached P11.87 billion, up 5 percent from P11.3 billion.
Grant Cheng, CLI chief finance officer, said reservation sales hit P14.3 billion, up 3 percent from P13.88 billion last year.
Real estate sales hit P10.52 billion, up 5 percent from P10.02 billion; hotel revenues grew 132 percent, at P200 million from P86 million; and leasing revenues grew 53 percent, at P108 million from P71 million.
Quality housing in high growth communities
Of the new launches for the rest of the year, Franco said seven new projects will be launched in Metro Cebu, Palawan, the Davao Region, and South Mindanao in the third quarter. Another five meanwhile will be launched in the last quarter of the year in Metro Cebu and Northern Cebu.
“These developments are strategically designed to cater to the expanding demand for quality housing in these high-growth communities… deepen CLI’s footprint across VisMin while extending its reach to underserved but high-potential areas,” Soberano explained.
Soberano continued to be confident about the stable residential market in the Visaya and Mindanao, given the lack of supply in the middle and affordable segment of the residentail market. But he reserved his biggest optimism for the Metro Manila residential market which he feels is poised for a rebound.
In July, property expert Leechiu Property Consultants said the existing condominium supply in Metro Manila may take 37 months to be sold with inventory currently at 82,000 units across 638 actively selling buildings, as of the second quarter of the year.
