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Despite the industry-spanning effects of the COVID-19 pandemic across all regions, leading developer in Visayas and Mindanao Cebu Landmasters Inc. (CLI) is outperforming in the Philippine real estate sector as it grows its year-on-year revenues by more than a third compared to last year.
CLI attributed the impressive growth to robust sales and construction progress due to 100% operating capacities at its sites. Revenues were recorded growing 34% from P5.7 billion to P7.7 billion. Meanwhile, nine-month net income grew strongly by 23% year-on-year to P1.854 billion from 2020’s P1.5 billion.
CLI announced that it has recorded a net income of P1.854 billion in the first nine months of 2021, surpassing its full-year 2020 figure of P1.845 billion.
The bulk or 44% of third quarter revenue was contributed by CLI’s popular economic housing brand Casa Mira, with the fast-selling mid-market Garden Series accounting for 30%, and the high-end Premier Masters contributing 24%.
As much as 59% of the revenues were from Cebu, the biggest metropolis in the Visayas-Mindanao (VisMin) region, while strong and growing sales in other key cities contributed the rest. Namely, Cagayan de Oro took credit for 10%; Bacolod, 10%; Iloilo, 10%; and all others, 11%.
“The pandemic has emphasized to our buyers the importance of and impact to family stability of owning a home in a safe and secure community. We will continue to meet this need and to earn the trust of VisMin homeowners moving forward,” CLI chairman and Chief Executive Officer Jose Soberano III said in a statement.
The company’s growth momentum in 2021 was sped up by seven projects collectively worth P12 billion, or significantly more than the P5.5 billion value of launches recorded in 9M 2020. As of end-September, 77% of 2021 launches were already sold out.
CLI has already sold out 90% of its inventory across all projects in different stages of development allowing the firm to record unrecognized revenue of P24.2 billion, up 19% from P20.6 billion as of the end of 2020.
CLI’s quarterly performance further cements the company’s three-year lead in the residential development sector in the VisMin region according to a 2021 market study by Santos Knight Frank (SKF). The listed company has held the largest market share among the region’s real estate firms providing condominium and subdivision projects. CLI has close to 100 projects in different stages of development in 15 key cities all over Visayas and Mindanao.
The firm was even recently recognized as the Best Developer for Visayas and Mindanao by PropertyGuru Philippines during the eponymous PropertyGuru Philippines Property Awards 2021.
The Best Developer awards were alongside nine other significant recognitions, including Best Township for Davao Global Township; Best Mega Mixed-Use Development for Patria de Cebu; Best Condo Development (Visayas) for MesaVirre Garden Residences; Best Affordable Condo Development (Metro Cebu) for Casa Mira Towers Mandaue; Best Condo Development (Metro Davao) for One Paragon Place; Best Housing Development (Mindanao) for Velmiro Uptown CDO; and Best Hotel Interior for Radisson RED.
CLI also won Special Recognition in ESG and Special Recognition in Sustainable Design and Construction by the same award-giving body.
For CLI, these accolades, together with the listed company’s financial performance, cement its leadership in the region. – BusinessWord Spotlight
Published in BusinessWorld