CLI ON TRACK TO TOP P1.2B NET BY END 2017

Listed developer Cebu Landmasters Inc. posted a net income of P634 million in the first half of the year, up by 164 percent year on year. Reservation sales in the last six months stood at P2.87 billion, up by 155 percent.

Fast project turnaround and strong sales take up have boosted first-half revenues of newly listed Cebu Landmasters Inc. (CLI) to P1.807 billion and increased net income by 164 percent to P634 million year-onyear (YOY).

This shows positive outlook for the company to surpass its P1.2-billion net income target by year-end.

‘Outstanding’ performance

The property developer described its financial growth in in the first half of 2017 as “outstanding” with its six-month revenues up by 107 percent YOY to P1.807 billion and net income after tax of P634 million higher by 164 percent.

“We’re proud to be a homegrown VisMin brand that has captured the needs and preferences of our target market as reflected in the sales velocity of our developments. We have also leveraged on our deep relations with our business partners and suppliers to ensure that our constructions progress as scheduled. We’re highly aware that meeting our commitments to our buyers on time has a great impact on our bottom-line and the strength of our brand,” said CLI chief executive officer Jose Soberano.

Soberano attributed this growth to the robust sales and strong construction progress of various projects in Cebu and Cagayan de Oro City such as economic condo project Casa Mira Towers, mid-end residential condominium developments Mivesa Garden Residences, Mesaverte Residences in Cagayan de Oro, and mixed-use development Baseline Center, including the Citadines Cebu City, to be completed in 2018.

Timely delivery

Fast turnaround time has been observed in most CLI projects, from acquisition to pre-selling and construction.

This can also be attributed to the CLI’s ability to cultivate strong partnerships with lo- cal contractors and other local stakeholders.

The sales velocity of its projects and timely delivery of units in Cebu and key VisMin cities have also made CLI the preferred developer in the region.

Reservation sales

In the first six months of the year, reservation sales of P2.87 billion went up by 155 percent YOY, almost breaching the entire figure for 2016 of P2.94 billion.

This is attributed to the company’s newly launched projects in the first half of the year, such as the premium residential development 38 Park Avenue at the Cebu IT Park which is 60 percent sold; MesaTierra Garden Residences in Davao, which is already 85 percent sold; and Casa Mira South in Naga City, which is 80 percent sold.

CLI said its balance sheet is largely geared to support its VisMin expansion.

The firm’s total assets recorded in the first six months of the year reached P8.9 billion, a big boost from P5.4 billion a year ago.

CLI is a Cebu-based property developer.

DTI’s primary role is to promote the sector and ensure that Philippine manufacturers are ready to take part in the existing Halal value chain and ensure compliance with international standards.

SENEN PERLADA Director at DTI’s Export Marketing Bureau