Listed CLI records P8.5B reservation sales in 1H

HOMEGROWN listed firm Cebu Landmasters Inc. (CLI) has announced Monday, July 5, 2021, a record P8.5 billion in reservation sales in the first half of 2021, a robust 14 percent increase from P7.4 billion year-on-year boosted by sustained housing demand in its geographic scope.

CLI launched six projects during the first six months across different segments in Cebu, Iloilo and Ormoc. In the second quarter of 2021 alone, the listed company recorded P5.2 billion sales, exceeding the P4.6 billion reported in the same period last year.

CLI maintained its foothold in Cebu, which accounted for 29 percent of sales; and heightened its presence in Iloilo, which contributed 27 percent and Cagayan de Oro, accounting for 20 percent. The rest were the result of sustaining sales from Davao, Bacolod, Dumaguete, Bohol and from a new expansion area in Ormoc.

In terms of market segments, CLI’s mid-market and economic housing units accounted for 38 percent and 41 percent respectively while it’s high-end developments pulled in 21 percent.

These figures are in line with a study by Leechiu Property Consultants indicating that the Visayas and Mindanao (VisMin) housing backlog would post an annual average demand of 475,000 up to 2022 and that close to half or 200,000 would be generated by the mid- and economic segments.

These findings were further affirmed by the high take-up of CLI’s recently launched projects: Velmiro Heights in Cagayan de Oro now 83 percent sold out; and Mandtra Residences in Cebu, 82 percent sold out.

All these developments have kept CLI on track as of mid-year to meet its targeted 15 to 20 percent growth for 2021.

CLI chief executive officer Jose Soberano II said: “Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory.”

Its economic momentum will further be sustained with fresh inventory to be launched in the next six months. The firm will tap its existing landbank for these projects.

Meanwhile, land purchases in key growth areas to secure a new pipeline of revenue streams are on the drawing board and are expected to be closed in the coming months. (PR)