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Cebu Landmasters sells out Davao City residential units

August 3, 2023

CEBU Landmasters, Inc. (CLI) has fully sold out all units in its residential development in Davao City, it said on Tuesday, calling it another “robust market absorption of projects.”

In a regulatory filing, the company said all 546 studio and one-bedroom units in its P2.5-billion Mindara Residences development had been snapped up within days after market introduction.

“Mindara Residences’ remarkable sales reflect the invaluable trust of end-users and investors in CLI projects, inspiring us to uphold our commitment to serve our markets by providing them with quality developments,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said.

Unit prices ranged from P3.1 million to P8.8 million with floor areas spanning 22 square meters (sq.m.) to 43 sq.m.

The company said the site’s north and south towers cover a 3,698-sq.m. area within LPU Town Davao, a university township located a few meters away from Davao International Airport and major establishments.

“Mindara Residences serves as the perfect abode for a dynamic life. It is envisioned as an urban community where residents, including young professionals, thrive in the comforts of nature and are inspired by the vibrant sensibilities of culture,” the company said.

The area features “garden-inspired” amenities, including roof decks, pocket gardens, a leisure pool, and a shared podium for retail spaces and basement parking.

The project is set to be completed by 2028.

CLI currently has more than 100 projects in various stages of development in 16 cities in the Visayas and Mindanao areas, with another P29.75 billion worth of projects in the pipeline.

The company stated earlier that it is planning to launch about 19 projects within the year.

During the first quarter, the company posted an attributable net income rose 10% to P888 million due to the strong performance of its business units.

Its consolidated revenues went up by 33% to P4.78 billion from P3.59 billion the previous year.

On Tuesday, CLI closed higher by 1.53% or four centavos to P2.65 per share. — Adrian H. Halili

Published on BusinessWorld