CEBU Landmasters, Inc. (CLI) recorded a 13% growth in sales to P5.2 billion in the second quarter, the company disclosed on Monday, calling its performance a signal to future income streams.
“Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory,” Jose R. Soberano III said, referring to the company’s growth target of 15% to 20%.
In the same period last year, the Cebu-based property developer’s sales reached P4.6 billion.
For the first six months of the year, Cebu Landmasters recorded a 14% increase in reservation sales to P8.5 billion from 7.4 billion as housing demand was sustained in the Visayas-Mindanao, or Vis-Min, region.
The company launched six projects during the six-month period in Ormoc, Cebu, and Iloilo. Its Velmiro Heights project in Cagayan de Oro is now 83% sold, while its Mandtra Residences in Cebu is 82% sold out.
In Iloilo City, its premium Terranza Residences sold out 81% of its inventory in three months from April.
Its projects in Cebu accounted for 29% of its sales, Iloilo developments contributed 27%, and Cagayan de Oro made up for 20% of the sales, while sustained sales from Davao, Bacolod, Dumaguete, Bohol, and a new expansion area in Ormoc accounted for the balance.
Cebu Landmasters said its economic housing offers accounted for 41% of the sales in the first half of the year, while the mid-market segment made up for 38%, and sales from its high-end developments accounted for 21%.
The company is expecting its momentum to be sustained for the rest of the year “with fresh inventory to be launched” using its existing land bank.
“Meanwhile, land purchases in key growth areas to secure a new pipeline of revenue streams are on the drawing board and are expected to be closed in the coming months,” the property developer said.
Stocks of Cebu Landmasters at the local bourse were up by 1.35% or five centavos on Monday, closing at P3.75 apiece. — Keren Concepcion G. Valmonte