Property developer Cebu Landmasters Inc. (CLI) is looking at Cavite as a possible location for its first Luzon real estate project.
CLI chief operating officer Jose Franco Soberano said in a recent investors’ briefing the company had received various offers from landowners in Cavite for possible partnership.
“A lot of landowners are knocking on our doors. We need to filter this out well, but we are eyeing a Cavite development,” the company said.
The property firm was originally looking at Camarines Sur as the first site for its Luzon venture.
Meanwhile, CLI reported that its net income climbed 15 percent in the first quarter of the year to P987 million from P847 million in the same period last year on the back of a double-digit growth in revenues.
CLI said first-quarter consolidated revenues jumped 31 percent to P6.23 billion from P4.77 billion on robust growth from its residential and leasing businesses.
“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI chairman and chief executive Jose Soberano III said.
Real estate sales expanded by 28 percent year-on-year to P5.5 billion boosted by economic housing projects. Current delinquency rate is at 3.12 percent and cancellation rate at 5.47 percent.
First-quarter reservation sales take-up also reached P7.18 billion after it launched P4.36 billion worth of new projects.
CLI said the trajectory is expected to sustain until the end of the year with new project launches in the pipeline.
Its newly-launched Casa Mira Homes Butuan with sales value of P2.6 billion is selling fast after just one month of market introduction.
CLI achieved 93 percent sell-out status across all its projects in different stages of development.
Hotel revenue surged by 37 percent in the first quarter to P40 million following the opening of three hotels in addition to the fully operational Citadines Cebu City.
“The hospitality industry in VisMin is getting stronger and we are poised to take advantage of this opportunity,” Soberano said.