Cebu Landmasters keeps firm grip of VisMin market
Cebu Landmasters Inc. (CLI) has affirmed its position as the leading local housing developer in the Visayas and Mindanao for both horizontal and vertical developments, a survey by a top property consultancy firm showed.
Based on a 2017 study by Santos Knight Frank covering the major cities of Cebu, Davao and Cagayan de Oro, CLI’s continued rollout of projects that have been well received by buyers accounted for its firm foothold of the VisMin market.
In Cebu, CLI remains the biggest real estate developer in the house and lot segment, among both national and local developers. It is the leader in the house and lot segment accounting for 18 percent of supply and a 12 percent share of the condominium market having delivered 2,638 units sold in 2017.
In Davao, the real estate firm posts the highest take-up of 57 units per month and also trumped other real estate developers with a 97.96 percent absorption rate.
In Cagayan de Oro, the company has the highest share of condominium units at 24 percent of total and also had the highest absorption rate of 93 percent among all vertical developers in the city.
In the house and lot segment in Cebu, CLI’s Casa Mira South has the most number of housing units at 1,007. In 2017, it sold 43 units per month compared with competitors’ average of three units per month. Velmiro Heights, another project in the area, had the highest absorption rate of 99 percent.
CLI also accounts for 12 percent of the total residential condominium inventory in Cebu with a total of 2,638 units of the five actively selling condominiums as of end-2017. Both Baseline Premier and Mivesa Garden Residences posted an absorption rate of 96 percent.
In Davao and Cagayan de Oro, Santos Knight Frank said CLI benefited from a surge in demand due to rapid urbanization, a vibrant tourism sector and increase in incomes. CLI’s Davao project MesaTierra Garden Residences has a year-to-date sales of 94 percent; and CDO project MesaVerte Residences, 95 percent.
CLI is set to launch 20 more projects across the VisMin region to bring its diversified portfolio of residential subdivisions, residential condominiums, offices, hotels, retail and estates to a total of 66. The projects in different stages of development are in seven key cities as follows: Cebu, Mandaue, Dumaguete, Bacolod, Iloilo, Cagayan de Oro and Davao.
The listed company plans to expand its footprint to General Santos City, Butuan City, Ormoc City and Roxas City.
“Cebu Landmasters is bringing local real estate mastery to the Visayas and Mindanao areas where there is persistent economic growth,” said Jose Soberano III, CLI chair and chief executive officer. “We now have 46 developments in seven key cities and we will continue to expand our footprint in VisMin by rolling out 20 more projects this year. We want to keep our leadership, capitalize on business opportunities, and offer more real estate developments that meet the diverse needs of the VisMin markets.”