Cebu Landmasters, Inc. said there is strong demand for its MesaVirre Garden Residences project in Bacolod City.
CEBU Landmasters, Inc. (CLI) said reservation sales jumped 24% in the first quarter, keeping the property developer on track to hit its P7-billion target this year.
In a statement, CLI said it sold P2.7 billion worth of projects in the Visayas and Mindanao, which represent 38% of the full-year target. This is also the company’s highest quarterly reservation sales.
“This validates that our Visayas and Mindanao expansion has been well-received by the market, and we still see several opportunities to expand in these key VisMin cities,” Jose R. Soberano III, CLI chief executive officer, was quoted as saying in a statement.
CLI attributed the robust sales to demand for its new projects, such as the MesaVirre Garden Residences in Bacolod City. The first building, which offered 294 units, was sold out within a month of its launch. This prompted CLI to launch MesaVirre Garden Residences Building B with 442 units.
The company is bullish on the property sector in the Visayas and Mindanao region, as it plans to launch 20 new projects this year.
CLI said it expects sustained sales this year “as several big-ticket infrastructure projects in the VisMin region will provide growth opportunities for the real estate industry.”
Among these projects include the Mactan Cebu International Airport’s Terminal 2, a third bridge connecting Cebu and Mactan, the Bacolod Economic Highway, and the Mindanao Railway System that will connect Davao del Sur and Davao del Norte with Davao City.
The property firm earlier announced it is allocating P8.8 billion for its capital expenditure program this year. The funds will be used for project development and land acquisitions, as it plans to expand in General Santos City, Butuan City, Ormoc City, and Roxas City.
This year’s capex is almost twice the P4.8 billion the company spent in 2017.
In 2017, CLI’s net income surged 66% to P1.294 billion, as revenues likewise climbed by 66% to P3.929 billion.
Real estate sales accounted for bulk of the company’s revenues at P3.869 billion, which was attributed to the construction and sales of different projects in the Visayas and Mindanao region. This includes Casa Mira Towers Labangon, MesaVerte Residences in Cagayan de Oro, Baseline Center 1 in Cebu City, and Casa Mira South Cebu.
The leasing segment, meanwhile, contributed P45.6 million in 2017, 17% up from P38.87 million year on year.
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