Developer Cebu Landmasters Inc. (CLI) is set to launch 17 residential projects this year in pursuit of its continued expansion into new areas in Visayas and Mindanao.
On the back of strong sales in 2022, CLI Executive Vice President and COO Jose Franco Soberano said “We foresee an even more productive 2023 as we bring our residential brands to more and new areas in the VisMin region.”
“We are also further expanding our portfolio by opening more hotels, launching more mixed-use and townships, and by introducing new product lines,” he added.
CLI reported a 14 percent hike in reservation sales to P18.8 billion in 2022--driven by a robust VisMin market. About 73 percent of sales were from newly launched developments with the rest coming from persistent demand for on-going projects.
Among its market segments, mid-market residential projects surged by 95 percent year-on-year to P8.83 billion and accounted for 47 percent of total reservation sales in 2022. CLI’s economic housing brand Casa Mira followed with 39 percent.
The firm launched 16 projects with close to 5,000 units worth P28.4 billion in 2022 and these were 74 percent sold by the end of the year. Sales velocity of these launches hit peak levels with most developments fully taken up within days.
The East Village in Davao Global Township sold out in four days. Calle 104 in Cebu City was all taken up in three days, while CLI’s entry to the Palawan market Casa Mira Towers Palawan was fully sold in less than a week.
For ongoing projects, 97 percent of CLI’s completed projects have been taken up while projects under development and construction are 91 percent sold. Overall takeup rate of the company’s projects in all stages of development registered at 91 percent.
“Our numbers tell us that Cebu Landmasters made the most of the post-pandemic growth surge and we are very grateful,” said Soberano.
He noted that, “The new residential units that we launched were immediately absorbed by the market as shown by our record high sales velocity. Several of our new projects were sold out in a matter of days.”