Connect with us

Hi, what are you looking for?

Economy

Cebu Landmasters report 12.5% higher reservation sales

LISTED property developer Cebu Landmasters, Inc. (CLI) posted 12.5% increase in its reservation sales for 2020 to P14.25 billion despite the coronavirus disease 2019 (COVID-19) pandemic.

In a regulatory filing on Tuesday, CLI said the amount is equivalent to 5,300 sold units nationwide and is higher than the P12.67 billion in reservation sales recorded in 2019.

“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,” Jose Franco B. Soberano, CLI executive vice-president and chief operating officer, said in the statement.

The company revealed that 69% of its sales for 2020 came from its economic brand, Casa Mira, followed by its mid-market Garden Series at 19%, and high-end Premier Masters at 10%.

For 2020, CLI said it had launched nine new projects worth P11.4 billion, equivalent to 4,300 units, and has already sold 70.6% of the new inventory by yearend.

Among provinces, Cebu accounted for 46% of the company’s sales, while the remaining 54% came from other areas in the Visayas and Mindanao such as Iloilo, Davao, Cagayan de Oro, Bacolod, Dumaguete, and Bohol.

Moving forward, the company has 8,000 units in 15 residential projects, worth P17 billion, which are scheduled in 2021. The projects will be located in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro, and Davao.

According to CLI, the 15 new projects scheduled for this year will use properties in its current land bank and plans have already been drawn up for their respective developments.

“We will launch the projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery,” Mr. Soberano said.

Further, he said the company sees more opportunities in 2021, helped by low-interest rates and as local and global economies continue their recovery from the pandemic.

“COVID-19 realigned spending priorities and stressed the importance of homeownership as a means of securing the future,” Mr. Soberano said.

On Tuesday, CLI shares at the stock exchange rose 2.19% or 11 centavos to close at P5.14 apiece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Unemployment rate steadied in June, while job quality improved to its best in over a year, the Philippine Statistics Authority reported on Monday. Preliminary...

Economy

Follow us on Spotify BusinessWorld B-Side By Patricia B. Mirasol, Reporter speaking to Bernardo M. Villegas WITH EVERY CHANGE of administration comes the question of...

Economy

In line with the national government’s thrust to transform the Philippines through PPPs and collaboration between LGUs and the private sector, Iloilo City Mayor...

Economy

Click to enlarge. Click to enlarge.   Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...

Economy

As the Aboitiz Group embarks on a Great Transformation towards becoming the first “techglomerate” in the country by 2025, the company’s power arm is...

Economy

Security Bank Corporation (PSE: SECB), one of the Philippines’ leading universal banks, has been serving retail, corporate, institutional, and MSME clients since it opened...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.