Listed Cebu Landmasters Inc. (CLI) reported on Tuesday that its reservation sales grew to P14.25 billion last year on increased demand.
In a disclosure, the Cebu province-based property developer said the amount was a 12.4-percent improvement from P12.67 billion in 2019, and represented 5,300 units sold in key cities in the Visayas and Mindanao.
The firm’s Casa Mira brand accounted for the bulk of the sales at 69 percent; the mid-market Garden Series, 19 percent; and the high-end Premier Masters, 10 percent.
By location, Cebu had a 46-percent share of the sales; Iloilo City, 17 percent; Davao City, 13 percent; Cagayan de Oro and Bacolod, 10 percent; and Dumaguete and Bohol, 6 percent.
“Despite the many challenges posed by the [coronavirus] pandemic in 2020, our sales figures indicate strong revenue streams ahead and an upward growth trajectory. We found many opportunities amidst the crisis that contributed to our performance,” Cebu Landmasters Executive Vice President and Chief Operating Officer Franco Soberano was quoted as saying in the disclosure.
The real estate company launched nine projects worth P11.4 billion last year, accounting for 4,300 units.
“As the pandemic took its toll, demand for CLI homes heightened, which led to wipe out existing inventory,” Cebu Landmasters said. “This prompted the firm to intently pursue by midyear the rollout of new projects in Bohol, Iloilo, Dumaguete and Davao. By yearend, 70.6 percent of the company’s new inventory had been sold.”
The firm looks to continue on its growth path as it has 8,000 units in the pipeline — valued at P17 billion — in 15 residential projects in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro and Davao.
Cebu Landmasters shares climbed by 11 centavos or 2.19 percent to end at P5.14 each on Tuesday.
Article and Photo originally posted by Manila Times last January 1, 2021 and written by Faye Almazan. Minor edits have been made by REBPH to cater to its own readers.