CEBU LANDMASTERS EYES P7-B IN RESERVATION SALES

PROPERTY developer Cebu Landmasters, Inc. (CLI) is targeting to hit P7 billion in reservation sales this year as it plans to roll out more developments across the country, banking on the government’s accelerated spending on infrastructure.

In a disclosure to the Philippine Stock Exchange on Tuesday, CLI said it was planning to launch 20 projects in the Visayas and Mindanao to take advantage of these regions’ continuous growth.

The array of new projects include 10 in Cebu—two residential subdivisions, three condomini and one industrial park—plus two residential towers in Bacolod and one in Iloilo.

In Mindanao, it will launch two subdivisions and a condominium in Cagayan de Oro. In Davao, CLI will construct a central business district and two condominiums.

“In 2018, we will continue to expand our footprint in the Visayas and Mindanao, and develop projects that respond to the growing market in these areas,” CLI Chief 3rd said.

For full-year 2017, CLI managed to exceed its target reservation sales of P4 billion, ending the year with P4.58 billion in sales. The company attributed the strong performance to its newly launched residential projects such as 38 Park Avenue at the Cebu IT Park, Casa Mira South in Cebu, and Mivesa Garden Residences and Mesaverte in Cagayan de Oro. The projects are nearly fully sold.

The listed company said its sales - mation that its products respond to the needs of the market and are distributed strategically to areas where demand is strongest.

“All the projects we launched were well- received by their respective markets, making 2017 another banner year,” Soberano said.

Last year also saw CLI venturing into the hospitality segment, increasing its inventory to a total of 610 rooms in just four years. It launched “lyf Cebu City” by Ascott, which targets millennial travelers, and the Citadines Riverside Davao, which is slated to break ground this year.

The company said it also aims to take advantage of the recentlyimplemented tax reform law, which gives workers earning below P250,000 annually a higher takehome pay. CLI said it expects the increase in household income to be channeled to housing.