Homegrown Cebu Landmasters achieves record high Php 8.5 billion H1 reservation sales despite Pandemic
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Increase Housing Demand despite Pandemic seen in VisMin with Cebu Landmasters recording a 14% increase YOY on H1 reservation sales
Leading homegrown developer Cebu Landmasters, Inc. (CLI) announced a record Php 8.5 billion in reservation sales in H1 2021, a robust 14% increase from Php 7.4 billion year-on-year boosted by sustained housing demand in key VisMin cities.
In Q2 2021 alone, the listed company recorded Php 5.2 billion sales, exceeding the Php 4.6 billion reported in the same period last year with six launched projects during the first six months across different segments in Cebu, Iloilo and Ormoc.
CLI maintained its foothold in Cebu, which accounted for 29% of sales; and heightened its presence in Iloilo, which contributed 27%, and Cagayan de Oro, accounting for 20%. The rest were the result of sustaining sales from Davao, Bacolod, Dumaguete, Bohol and from a new expansion area in Ormoc.
In terms of market segments, CLI’s mid-market and economic housing units accounted for 38% and 41% respectively while its high-end developments pulled in 21%. These figures are in line with a study by Leechiu Property Consultants indicating that the VisMin housing backlog would post an annual average demand of 475,000 up to 2022 and that close to half or 200,000 would be generated by the mid- and economic segments.
These findings were further affirmed by the high take-up of CLI’s recently launched projects: Velmiro Heights CDO now 83% sold out; and Mandtra Residences in Cebu, 82% sold out.
The company has begun offering higher-end units in anticipation of a post pandemic boom in VisMin which appears ready to host a recovery. Its efforts have been rewarded especially in Iloilo City where its premium Terranza Residences has sold out 81% of inventory in just three months beginning April.
All these developments have kept CLI on track as of mid-year to meet its targeted 15-20% growth for 2021. CLI chief executive officer Jose Soberano III said: “Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory.”
“The pandemic has given rise to a new generation of property owners and we are very pleased that the recent announcement of BIR maintaining the Php3,199,200 VAT threshold has proved that housing is still one of the country’s priorities. This keeps homes affordable for more potential homeowners in the mid-market and economic segments,” added Soberano.
“Our vision is to see many more families securing their future in our communities.”
