In a statement on Monday, the Visayas-Mindanao (VisMin) property firm said that its reservation sales registered at P12.67 billion, higher than the year-earlier P9.6 billion and its target of P12.5 billion.

The bulk or 58 percent of the sales came from Cebu City projects. Davao City contributed 15 percent; Cagayan de Oro, 13 percent; Bacolod, 12 percent; and Dumaguete, 2 percent.

“Reservation sales is an indication of future revenue and with the robust sales performance of our projects, we are again anticipating outstanding financial results from CLI,” CLI Chairman and Chief Executive Officer Jose Soberano 3rd said.

In terms of brands, Garden Series accounted for 37 percent of the total sales; Premier Masters, 30 percent; and Casa Mira, 29 percent. The remaining 4 percent was contributed by office condominiums and socialized housing.

Last year, CLI spearheaded P18 billion worth of projects.

CLI is expecting to launch projects in Iloilo, Bohol and Ormoc given its 1.25 million square meters (sqm) of landbank. It is eyeing to expand gross leasable area to 200,000 sqm and beef up hospitality portfolio to over 1,600 rooms in the next two to three years.

“CLI is also exploring new locations and tapping new markets as we eye land in areas such as Tacloban, General Santos, Roxas City, Boracay and even Palawan,” Soberano said.

“CLI will continue to grow and fortify its presence in VisMin, deliver a diversified range of products aimed towards filling the needs in other major growth centers of the region, and keep our excellent financial performance,” he added.

Earlier, CLI said it was aiming to secure P50 billion worth of projects this year amid its continued land acquisitions in several cities in Visayas and Mindanao.

The purchased lots were allotted for mixed-use projects in Cebu City and Mactan and residential developments in Davao, Bacolod, Iloilo, Ormoc, Dumaguete and Bohol, among others.

Cebu Landmasters registered P1.9-billion net income in the first nine months of 2019, 59 percent higher from last year’s P1.2 billion, due to robust mid-market residential segment.

CLI shares climbed 4 centavos or 0.90 percent to end at P4.50 apiece on Monday. – By Tyrone Jasper C. Piad

Published in The Manila Times