CLI posts record high P16.5-B reservation sales, up 16% year-on-year
January 13, 2022 - Thursday 11:01 AM by GDM
Background/Description of the Disclosure
Leading developer in VisMin Cebu Landmasters, Inc. announced record-breaking reservation sales of P16.5 billion for 2021, 16% more than 2020’s P14.25 billion.
The listed firm met sustained demand for housing in its geographic scope by launching 3,865 units in 10 projects worth P18 billion, more than the eight projects launched in 2020 worth P11.5 billion.
CLI chairman and chief executive officer Jose Soberano III disclosed that the company has rapidly expanded since its listing in June 2017 and has now more than doubled its P7.7 billion sales take up during that year.
By year-end 2021, the company’s completed projects were 96% sold-out while developments still under construction were 86% taken up. Even newly launched projects moved briskly and were 70% sold out. Altogether, CLI’s portfolio is 85% sold out across different project stages.
CLI’s new offerings included beachfront condominium communities highlighting resort living. The first in a projected series is Costa Mira Beachtown Mactan offering 659 units valued at P3 billion. The integrated beachfront community accounted for 17% of overall sales and was already 92% sold just a month after its market debut.
In terms of market category, CLI’s economic housing brand Casa Mira accounted for 41%; followed by the high-end Premier Masters at 31%; and the mid-market Garden Series at 27%. “CLI launched more economic housing projects as affordable quality housing was in demand throughout the pandemic,” explained Soberano. “We started to unveil higher-end projects when the economy began to open and recover.”
Majority of the sales take up still comes from projects in Cebu accounting for 48%; followed by Iloilo, 17%; and Cagayan de Oro, 13%. The rest comes from Davao, Ormoc, Bacolod and Bohol.
The company is at the forefront to meet the sustained housing demand in VisMin with fresh inventory to be released in 2022 to optimize CLI’s current landbank of 100 has. valued at P12 billion. In addition to the 40 has. acquired in 2021, more properties are under negotiation.
Following the aftermath of Typhoon Odette, CLI is focused on assisting its stakeholders: employees, homeowners and communities in Cebu and VisMin where it operates. The firm immediately offered emergency loans and free supplies for its employees; provided temporary coverings and secured power and water supply for its homeowners while clearing the roads in its properties; and offered P30 million worth of free roof repair for homes in CLI communities whose roofs were damaged by the strong category 5 winds.
In collaboration with local government units, CLI has also offered food, drinking water and other relief goods to the larger communities that host its projects. Distribution was done by CLI employee-volunteers through the CLI Foundation.
Soberano highlighted: “We are a VisMin firm. Thus, we are committed to assist Cebu and surrounding provinces get back on track. We are confident that, as in the past, our concerted efforts will pave the way for recovery.”
CLI’s VisMin roots have also greatly contributed towards the company’s market leadership in the region. A 2021 SKF real estate market study revealed that the firm is the leading developer in Visayas and Mindanao in terms of supply of both vertical and horizontal residential projects. A position that CLI consistently sustained in the past 3 years.
DOJ indicts 4 over hacking of BDO accounts
The Department of Justice said state prosecutors indicted four individuals over the massive hacking of more than 700 BDO accounts in December 2021. In a statement, the DOJ said they will file charges for violations of Republic Act 8484 or the Access Devices Regulation Act of 1998 and RA 101...6 hours ago