CEBU Landmasters Inc. (CLI) is nearing its reservations sales target this year after selling 80 percent of its P5.3-billion residential project in Metro Cebu.

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In a disclosure on Thursday, the listed Visayas-Mindanao (VisMin) property developer said that “this remarkable record means that the company is on track to meet the expected P12.5-billion worth of reservations sales for this year.”

CLI said the construction of the four-tower Mivela Garden Residences condominium has begun. The Metro Cebu project — situated in a 1.26-hectare area in Banilad, Cebu City — includes 1,536 studio and one-bedroom units, function rooms, a gym, lobby lounge, Zen gardens, outdoor lounge areas, a clubhouse and a swimming pool.Mivela, which costs P2-billion in development, is the listed property firm’s third garden series residential project in Cebu.

“Mivela Garden Residences is 80-percent sold out in three weeks and this is a very strong indicator that our products are right-sized and right-priced,” CLI President and Chief Executive Officer Jose Soberano 3rd said.

“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Soberano added.

CLI noted that its mid-market segment Garden series residential projects comprised 35 percent of its revenues in the first half. Meanwhile, premier and economic markets accounted for 33 percent and 29 percent, respectively, for the period. The property developer netted a P1.11-billion net income in the first half, which was 34 percent higher than P826 million on the previous year for the same period. It has maintained its 2019 year-end guidance of P2.6-billion consolidated net income and P2-billion parent net income, mainly driven by its Cebu operations.

Recently, CLI formed a joint venture with Aboitiz Land Inc. to develop a mid-market, mixed-use, multi-tower condominium project in Mandaue City, Cebu province by 2020. It is set to open new properties in Iloilo, Dumaguete, Bacolod and Bohol in the second half.

CLI shares inched up by 1 centavo or 0.22 percent to finish at P4.55 apiece on Thursday. — Tyrone C. Piad

Published on The Manila Times