MANILA - Cebu Landmasters Inc (CLI) said Tuesday it plans to launch 15 projects worth P17 billion this year to further push growth after the "many challenges" due to the COVID-19 pandemic.
The projects will generate 8,000 housing units and will be located in key areas in Visayas and Mindanao.
“We will launch the projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery,” said Franco Soberano, CLI executive vice-president and chief operating officer.
In 2020, CLI launched nine projects worth P11.4 billion, with a total of 4,300 homes.
It noted that it already sold 70.6 percent of the newly launched units by the end of 2020.
"Despite the many challenges posed by the pandemic in 2020, our sales figures indicate strong revenue streams ahead and an upward growth trajectory,” Soberano said.
The company saw a 12.4-percent growth in reservation sales to P14.25 billion last year from P12.67 billion in 2019. This is equal to 5,300 units sold, it added.
A majority or 69 percent of CLI's sales in 2020 came from its affordable housing brand Casa Mira, while mid-market Garden Series posted a 19-percent share and high-end brand Premier Masters with 10 percent.
For 2021, Soberano said low-interest rates would attract home buyers, thus presenting more opportunities for developers.
“COVID-19 realigned spending priorities and stressed the importance of homeownership as a means of securing the future,” he added.
The company earlier announced that its planned 100-hectare reclamation project in Cebu City has secured an environmental compliance certificate after a 2-year review.
CLI, Cebu Landmasters, Cebu, housing sector, property, real estate, affordable housing, Ming-Mori Minglanilla reclamation project