CLI reservation saleshit P2.7 billion in Q1

CEBU, Philippines — Property developer Cebu Landmasters Inc., yesterday said its reservation sales in the first quarter of the year hit P2.7 billion as it is on-track to meet its P7-billion target this year.

In a disclosure to the Philippine Stock Exchange Monday, the Cebu-based developer said reservation sales rose 24 percent in the first three months.

From January to March, the listed company sold P2.7 billion of its ongoing developments, reaching already 38 percent of its full-year goal.

Company CEO Jose Soberano III said the firm is off to a record-breaking start in 2018, recording its highest quarterly reservation sales.

"This validates that our Visayas and Mindanao expansion has been well-received by the market, and we still see several opportunities to expand in these key VisMin cities,” he said.

CLI cited strong demand for newly launched projects including MesaVirre Garden Residences in Bacolod City.

Its Building A with 294 units was sold-out one month since launch, prompting the opening of Building B with 442 units.

The land for Bacolod’s MesaVirre Garden Residences, as well as that for another ongoing development Casa Mira Coast in Sibulan, Negros Oriental, were purchased with part of the P2.9 billion proceeds raised from the real estate firm's initial public offering last year.

CLI said its ability to employ capital quickly to purchase land and start development immediately is a testament to its fast-turnaround strategy.

The developer expects sales to remain robust as several big-ticket infrastructure projects in the VisMin region will provide growth opportunities for the real estate industry.

These include Terminal 2 of Mactan International Airport set to open on time in June 2018, the construction of the third bridge connecting Cebu and Mactan, and the Bacolod Economic Highway and flood control projects. These projects are al in the Visayas.

In Davao region, the government plans to build the Mindanao Railway System covering a 102-kilometer stretch that will interconnect Davao del Sur and Davao del Norte with Davao City. — (FREEMAN)