Property developer Cebu Landmasters Inc. said reservation sales in the first half of the year surged 61 percent to P4.6 billion amid the strong demand for projects launched in Visayas and Mindanao.
CLI said in a disclosure to the stock exchange the first-half reservation figure was 65 percent of the company’s target of P7 billion for the entire year and exceeded the full-year performance in 2017.
“Our VisMin expansion is on the right track. With our fast turnaround strategy at work across VisMin, we are able to generate more inventory and move very efficiently from acquisition to sales and construction. This has allowed us to grow our reservation sales very strongly,” said CLI chief executive officer Jose Soberano III.
CLI said its economic housing brand Casa Mira South in Cebu accounted for 11.2 percent of the total reservation sales.
Soberano said CLI would launch new projects in the coming weeks to support its sales goal given the strong first-half reservation sales. The new projects are in Cebu, Davao, Cagayan de Oro, Iloilo, Bacolod and Bohol.
The expansion phases of existing projects will also be underway to cater to the growing number of interested buyers.
CLI plans to unveil 20 new projects across the VisMin region this year.
CLI also launched in the second half of 2018 two hotels this year. These are Radisson Red in Astra Centre in Mandaue City and Citadines Bacolod, a serviced residence in partnership with The Ascott Limited that compliments its MesaVirre Garden Residences.
The developer to date has a portfolio of 969 hotel rooms from five projects.
These are the 180-room Citadines Cebu City in Base Line Center for completion this year; the 263-room Citadines Paragon Davao set to open by 2021; lyf Cebu City, a 180-room hotel in Base Line Prestige that will be operational in 2022; Radisson Red in AS Fortuna in Mandaue City, Cebu with 146 rooms; and Citadines Bacolod, which will have 200 rooms.
CLI earlier projected a net income of P1.7 billion this year, up 31 percent from 2017, and revenues of P5.3 billion, a 35-percent increase from a year ago.