Cebu Landmasters expects to resume site operations

CEBU, Philippines — Cebu Landmasters Inc., the listed property developer in Visayas and Mindanao, expects to resume 100 percent site operations and hopes to match its 2019 performance this year.

Given the challenging business environment, the company said it is moving forward with both prudence and conviction.

“We will still be launching over 13 projects total this year, especially in key segments with sustained demand including economic vertical and horizontal housing,” said CLI chairman and CEO Jose Soberano III.

The company expects the VisMin regions to recover faster, as restrictions have eased sooner with strong measures in place.

“There is sustained demand amidst a low supply environment in key Vismin cities, as evidenced by our P2 billion sales take-up over April to May,” Soberano said.

The company reported a decline in net income to P572 million from P598 million a year ago, down four percent even as first quarter revenue rose 13  percent to P2 billion.

Moving forward, the company expects demand for quality housing and residential units to rise prompted by the greater desire for safer and better planned living environments in the aftermath of the coronavirus disease 2019 or COVID-19.

During the first five months of the year, the company registered P4.8 billion in reservation sales take-up or close to its first half 2019 level of P5.26 billion.Sales of P2 billion driven by its economic housing brand Casa Mira were recorded in the months of April and May, a period widely forecast to have little economic activity.