Despite the pandemic, VisMin developer Cebu Landmasters, Inc. (CLI) is ramping up project launches this year after posting record reservation sales in 2020.
In a disclosure to the Philippine Stock Exchange, CLI said it intends to push its growth momentum in 2021 with a supply pipeline of 8,000 units in 15 residential projects valued at P17 billion.
These units will be located in Cebu, Ormoc, Bacolod, Iloilo, CDO and Davao. CLI will use properties in its current landbank for its new projects in 2021.
“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,”said CLI Executive Vice-President and Chief Operating Officer Franco Soberano.
Soberano foresees even greater opportunities in 2021 as the global and local economies recover and consumer confidence is further bolstered by a low-interest rate environment favoring Filipino home buyers.
“COVID 19 realigned spending priorities and stressed the importance of homeownership as a means of securing the future,” he noted.
Plans have already been drawn up for those developments and Soberano said “We will launch the projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery.”
CLIreported a 12.4 percent growth in reservation sales to a record P14.25 billion in 2020, from P12.67 billion in 2019.The figure represents 5,300 units sold across key cities in the region.
It noted that, 69 percent of the company’s 2020 sales is from its economic brand Casa Mira; 19 percent from its mid-market Garden Series; and 10 percent from the high-end Premier Masters.
During the year, CLI launched nine new projects worth P11.4 billion accounting for 4,300 units in fresh inventory.
As the pandemic took its toll, demand for CLI homes heightened which led to wipe out existing inventory.
This prompted the firm to intently pursue by midyear the rollout of new projects in Bohol, Iloilo, Dumaguete and Davao. By year-end, 70.6 percent of the company’s new inventory had been sold.(James A. Loyola)