Cebu Landmasters says VisMin demand buoys 2020 revenues despite pandemic

ABS-CBN News

Posted at Apr 07 2021 02:11 PM

Cebu Landmasters says VisMin demand buoys 2020 revenues despite pandemic 1
Casa Mira communities are now in the cities of Cebu, CDO, Bacolod, Iloilo, Dumaguete and Ormoc with over 10,000 housing units combined together. Handout

MANILA - Cebu Landmasters Inc said Wednesday its consolidated revenues reached P8.3 billion in 2020 slightly lower than the previous year, buoyed by the demand in the Visayas and Mindanao's housing market. 

The 2020 consolidated revenue "closely" matches 2019's P8.5 billion while the parent net income is at P1.8 billion, CLI said in a disclosure to the stock exchange.

The company immediately deployed catch-up measures shortly after the COVID-19 lockdowns last year were lifted, said CLI chairman and CEO Jose Soberano III.

“We have learned much from this pandemic and look forward to offering safe and healthy homes and communities to address not only the great housing backlog in VisMin but also what families really
need,” he said.

“There is a real estate boom and a global trend towards safer and healthier homes. With CLI’s agility, we’re able to take advantage of this new kind of demand,” he added.

Reservation sales rose 12 percent, reaching P14.25 billion in 2020 from P12.67 in 2019, it said. Its housing brand Casa Mira accounted for 69 percent of 2020 sales.

Cebu Landmasters said it ended the year with an additional 4,300 homes in its inventory from over 9 projects worth P11.4 billion.

Year 2021 will be "the year of rebound" with its growth trajectory target set at 15 to 20 percent and with a capital expenditure for 2021 set at P12 billion, the developer said. It has a total of 25 projects on the pipeline.