CLI records 86% rise in reservation sales in 2018
CEBU Landmasters, Inc. (CLI) saw its reservation sales surge 86% in 2018, as it launched new projects in the Visayas and Mindanao.
In a disclosure to the stock exchange, the listed property developer said reservation sales, which serve as a measure for future revenue to be recognized, reached P8.54 billion as of end-2018, higher than the previous year’s recorded tally of P4.58 billion.
CLI was also able to exceed its P7billion target for 2018 by 22%.
“The year ended even stronger than what we expected. The year 2018 was a year of expansion to other key areas of VisMin fortifying CLI’s leadership in property development of the region,” Jose R. Soberano III, CLI president and chief executive officer, said in a statement.
Mr. Soberano said the company recorded robust sales of newly launched projects such as Baseline Prestige, One Astra Place, and Casa Mira Towers, which are located in Cebu, and MesaVirre Garden Residences in Bacolod.
The bulk or 57% of the booked sales came from Cebu projects, while sales of Cagayan de Oro projects accounted for 16%. The rest of the sales came from Bacolod and Dumaguete projects.
By housing segment, CLI said its high-end Premier series accounted for 36% of sales, followed by the midmarket Garden series (34%), and Casa Mira (30%).
This 2019, the company plans to continue expanding outside of Cebu, particularly Iloilo, Bohol, Ormoc, General Santos, and Davao.
CLI also plans to develop townships and hotels in the future.
“Our strategy is proving effective and, given the strength of the property market, we will continue bringing our developments to even more Filipinos in the Visayas-Mindanao region,” Mr. Soberano said.
Shares in CLI slipped by P0.07 or 1.62% to close at P4.26 per piece at the stock exchange on Monday. —