Cebu Landmasters on track to exceed P4-B reservation sales this year
CEBU LANDMASTERS, Inc. (CLI) is poised to breach the P4-billion mark in reservation sales for 2017, as its projects in the Visayas and Mindanao continue to see brisk take-up alongside more launches set for the fourth quarter.
The Cebu- based real estate developer said it generated P3.66 billion in reservation sales in the January to September period. This is already 26% higher than the company’s reservation sales for 2016.
“This year is a banner year and with several launches scheduled in the last quarter of 2017, we are confident of surpassing our P4billion target,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.
CLI attributed the record reservation sales to a mix of its economic and mid-income projects located in Cebu, Davao, and Cagayan de Oro.
The bulk of the sales came from its Garden series residential condominiums which registered a take-up of P1.262 billion. 38 Park Avenue, slated to be the tallest building in Cebu IT Park, contributed over P815 million, while economic housing project called Casa Mira South in Cebu brought in P577 million. The two phases of Mivesa Garden Residences in Cebu generated P526 million.
The listed property firm is banking on projects launched in the second half of 2017 to continue driving sales in order to breach the P4- billion target. Among the projects to be launched in the fourth quarter include 2,700 units under the Casa Mira brand, spread out across Sibulan, Negros Oriental; Iloilo; Guadalupe, Cebu; and Granada, Bacolod.
Earnings of CLI soared 164% in the first half of 2017 to P634 million on the back of a 107% increase in revenues to P1.81 billion. This is already half of its P1.2- billion net income target for 2017.
Shares in CLI added a centavo or 0.20% to close at P5.04 each at the Philippine Stock Exchange on Tuesday. —