CEBU LANDMASTERS POSTS 20% JUMP IN FIRST SEMESTER SALES
Despite constraints from coronavirus-triggered lockdown measures from mid-march, property developer Cebu Landmasters Inc. (CLI) saw a 20-percent year-on-year growth in first semester reservation sales, seen as an affirmation of resilient demand in its Visayas-mindanao bailiwick.
CLI disclosed to the Philippine Stock Exchange on Wednesday that it had sold P3.4 billion worth of homes or over 1,500 housing units for economic and mid-market buyers from April to June despite a national lockdown. This brought first semester reservation sales to P6.2 billion, up from P5.2 billion in the same period last year.
“Our projects have maintained high sales velocity indicating strong demand for houses in Visayas and Mindanao particularly now that owning a home has become a priority,” said CLI chief executive officer Jose Soberano.
“The pandemic is making buyers realize the necessity to live in safe and secure communities. It serves as an added push for families to buy their much-needed home, and they see that CLI’S housing brands fulfill their requirements particularly our economic and mid-income communities,” he said.
By the middle of June, CLI reported that economic projects such as the 986-unit Casa Mira Towers CDO had been fully sold out. The newly-launched Casa Mira Towers Mandaue is now 81 percent sold out, while Casa Mira Iloilo is 50 percent taken up, CLI reported.
Casa Mira South also has a “long list of buyers waiting for the opening of its new phase,” CLI reported.
Mid-income project Velmiro Greens Bohol, with 204 units launched only in March, is now 80 percent taken up. All available units of the company’s 686-unit socialized housing in Cebu, Villa Casita North, are also fully sold out.
CLI now has only 10 percent of its residential units available in its inventory as of end May, prompting the company to launch more projects.
The company seeks to fill significant housing backlog gaps in the Visayas and Mindanao areas. A market study conducted by Leechiu Property Consultants estimated that housing shortfall in Visayas and Mindanao would reach 2.85 million houses by 2022, with an average of 475,000 new housing units adding up to the increasing demand annually. Based on the study, 44 percent of this backlog would be for economic housing.
About 50 to 60 percent of CLI’S residential portfolio was dedicated to the economic housing segment through its flagship brand, Casa Mira.
CLI has also boosted its digital capabilities to sustain buyer interest. It has digitized end-toend transactions and is setting up a website to showcase all available developments.
“Even prior to the lockdown, we had already foreseen the need to go digital. We took the necessary measures to make the buying transaction accessible and convenient to our sellers and buyers online—from the selection of properties to the payment of reservation fees and down payments,” said CLI vice president for sales, Rose Yulo.