Listed Cebu Landmasters Inc. (CLI) posted record high reservation sales of P8.5 billion in the first half of the year, up 14 percent from P7.4 billion year-on-year, as it saw sustained housing demand.

The Visayas-Mindanao developer in a disclosure on Monday said that it recorded P5.2 billion sales in the second quarter alone, surpassing the P4.6 billion a year ago.

Cebu remained the major contributor of the company’s sales at 29 percent, while Iloilo followed at 27 percent and Cagayan de Oro at 20 percent.

The rest, meanwhile, were from sustained sales from Davao, Bacolod, Dumaguete, Bohol and a new expansion area in Ormoc.

CLI’s economic housing segment accounted for 41 percent of the total, its mid-market units at 38 percent and high-end developments at 21 percent.

The firm said its recently launched projects also saw high take-up as Velmiro Heights in Cagayan de Oro is already 83 percent sold and Mandtra Residences in Cebu is 82 percent sold out.

CLI also said it has started offering higher-end units in anticipation of a “post-pandemic boom” in the region.

“Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory,” CLI chief executive officer Jose Soberano 3rd was quoted as saying.

Soberano added that CLI remains on track to meet its target to grow by 15 to 20 percent this year.

CLI’s net income stood at P725.2 million in the first quarter, a 12-percent year-on-year improvement, as its revenues rose by 11 percent to P2.35 billion during the period.

Shares of CLI were up by 5 centavos or 1.35 percent to close at P3.75 apiece on Monday.

Published in The Manila Times