MANILA, Philippines — Cebu Landmasters Inc (CLI), the listed Visayas and Mindanao property developer, posted P10.5 billion in reservation sales in the nine months to September, an increase of 14 percent year-on-year.
In the third quarter alone, reservation sales hit P3.1 billion.
CLI executive vice president and COO Franco Soberano said demand for residential property remained strong despite the COVID-19 pandemic.
“We attribute this to our focus in meeting the needs of our buyers in each of the 15 key VisMin cities we serve in terms of product, service and pricing, and making use of our wide sales and construction networks throughout the region,” Soberano said.
The sustained demand is welcome news for the industry and a strong validation of CLI’s housing leadership in the Vismin market, he said.
Moving forward, CLI is on track to surpassing its 2019 sales performance despite the challenges brought about by the pandemic.
Of the total nine-month sales, CLI homes with prices ranging from P1.5 million to P3 million that carry the popular economic brand Casa Mira accounted for 62 percent of the take-up. This was followed by the company’s mid-market Garden Series units which accounted for 24 percent of the total sales.
Cebu Landmasters offers units at an average price of P2.6 million. It has already sold 4,000 units to date, making it the largest residential developer in the Visayas and Mindanao.
“We are always mindful of finding and serving the market segments where real estate demand is strongest. And our goal is to always remain close and fulfill the needs of our customers no matter the circumstance,” Soberano said.
In the first nine months, the company launched five projects worth P5.5 billion.
Velmiro Greens Bohol, launched early this year, is also 86 percent sold. It appeals to mid-market buyers and offers house-and-lot units ranging from P3.1 to P4 million.