Cebu Landmasters report 12.5% higher reservation sales

LISTED property developer Cebu Landmasters, Inc. (CLI) posted 12.5% increase in its reservation sales for 2020 to P14.25 billion despite the coronavirus disease 2019 (COVID-19) pandemic.

In a regulatory filing on Tuesday, CLI said the amount is equivalent to 5,300 sold units nationwide and is higher than the P12.67 billion in reservation sales recorded in 2019.

“Despite the many challenges posed by the pandemic in 2020, our sales figures indicate strong revenue streams ahead and an upward growth trajectory. We found many opportunities amidst the crisis that contributed to our performance,” Jose Franco B. Soberano, CLI executive vice-president and chief operating officer, said in the statement.

The company revealed that 69% of its sales for 2020 came from its economic brand, Casa Mira, followed by its mid-market Garden Series at 19%, and high-end Premier Masters at 10%.

For 2020, CLI said it had launched nine new projects worth P11.4 billion, equivalent to 4,300 units, and has already sold 70.6% of the new inventory by yearend.

Among provinces, Cebu accounted for 46% of the company’s sales, while the remaining 54% came from other areas in the Visayas and Mindanao such as Iloilo, Davao, Cagayan de Oro, Bacolod, Dumaguete, and Bohol.

Moving forward, the company has 8,000 units in 15 residential projects, worth P17 billion, which are scheduled in 2021. The projects will be located in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro, and Davao.

According to CLI, the 15 new projects scheduled for this year will use properties in its current land bank and plans have already been drawn up for their respective developments.

“We will launch the projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery,” Mr. Soberano said.

Further, he said the company sees more opportunities in 2021, helped by low-interest rates and as local and global economies continue their recovery from the pandemic.

“COVID-19 realigned spending priorities and stressed the importance of homeownership as a means of securing the future,” Mr. Soberano said.

On Tuesday, CLI shares at the stock exchange rose 2.19% or 11 centavos to close at P5.14 apiece. — Revin Mikhael D. Ochave

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