CLI reservation sales up 86% at P8.54 B in 2018

Listed property firm Cebu Landmasters Inc. said yesterday it recorded an P8.54-billion reservation sales in 2018, mainly boosted by its Cebu projects.

In a disclosure to the Philippine Stock Exchange, the company said it surpassed its P7-billion target for the year by 22%. The 2018 reservation figure has exceeded the previous year's P4.58 billion by 86%.

CLI said the reported amount is net of the jointventure partners' share. Full sales value is expected to reach a record P9.76 billion.

“This 2019, we will expand further out of our Cebu home base to Iloilo, Bohol, Ormoc,

Gensan and Davao,” company CEO Jose Soberano III said. “And to further diversify our portfolio expanding to townships and hotels.”

“The year ended even stronger than what we expected,” he said.

Last year, the property company was on an expansion mode to other key areas in Visayas and Mindanao.

CLI reported that 57% of the booked sales came from various Cebu projects. While projects in other VisMin cities such as Cagayan de Oro contributed 16%, while the Bacolod and Dumaguete properties accounted for 15% and 11%, respectively.

Robust sales were driven by the company's new launches: Baseline Prestige, One Astra Place and Casa Mira Towers in Cebu; as well as MesaVirre Garden Residences in Bacolod.

“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,” Soberano said.

Shares of the company were down 1.15% to P4.28 apiece in early trading yesterday.