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Cebu Landmasters records P4.6-billion reservation sales in H1

July 10, 2018

PROPERTY developer Cebu Landmasters Inc. (CLI) posted a record 61-percent growth in reservation sales to P4.6 billion in the first six months of the year on the back of a strong demand for its projects.

The figure is 65 percent of the company’s year-round goal of P7 billion and already surpassed its full-year 2017 reservations sales performance.

“Our VisMin [Visayas and Mindanao] 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 Jose Soberano III, CEO of CLI.

CLI’s economic brand, Casa Mira South in Cebu, accounted for 11.2 percent of the total first-half reservation sales. Each unit here costs up to P1.6 million.

The real-estate firm’s other developments that helped bolster sales were MesaVirre Garden Residences, its first project in Bacolod that sold out within a month after launch; Baseline Center, a premier mixed-use development in Cebu, which is 80 percent sold out; and 38 Park Avenue, a high-end residential project at Cebu IT Park, now also 80 percent absorbed.

Soberano said CLI will launch “fresh inventory” in the coming weeks to back up its sales goal.

The new projects will be located in Cebu, Davao, Cagayan de Oro, Iloilo, Bacolod and Bohol.

The VisMin-based developer said it is launching its newest mixed-use project, Astra Centre, in Mandaue City.

The second phase of MesaVirre Garden Residences is now under way to cater to an increasing number of interested buyers who were not able to buy units in Phase 1.

Meanwhile, MesaVirre Bacolod was launched early this year, along with Casa Mira Coast in Sibulan, Negros Oriental.

The property company also kicked off two hotels this year: Radisson Red in Astra Centre in Mandaue City and Citadines Bacolod, a serviced residence in partnership with The Ascott Ltd. that complements its MesaVirre Garden Residences.

To date, CLI has a portfolio of 969 hotel rooms from its five projects: the 180-room Citadines Cebu City in Base Line Center, set for completion this year; the 263-room Citadines Paragon Davao due for opening 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.

BCI Asia recently awarded the real-estate firm as one of the top 10 developers in the Philippines—the only one from the VisMin regions.

Also, it was cited by Santos Knight Frank as the leading local developer in VisMin in a 2017 property market study.

Published in Business World