Mentioned property developer Cebu Landmasters, Inc. (CLI) posted a 12.5 per cent rise in its 2020 reserve revenue to P14.25 billion amid the coronavirus disease pandemic of 2019 (COVID-19).
In the regulatory filing on Tuesday, CLI reported that the volume was equal to 5,300 units sold nationally and was higher than the P12,67 billion in reserve sales registered in 2019.
“Despite the numerous threats raised by the 2020 pandemic, our business estimates reflect solid income sources and an upward development trend. We also recognized a variety of openings in the middle of the crisis that have led to our success,” said Jose Franco B. Soberano, CLI Executive Vice-President and Chief Operating Officer.
The business reported that 69 per cent of its 2020 revenue came from its economic brand, Casa Mira, accompanied by its mid-market Garden Series at 19 per cent and its high-end Premier Masters at 10 per cent.
For 2020, CLI said it had unveiled nine new ventures worth P11.4 billion, equal to 4,300 units, and had already sold 70.6 per cent of the new inventory by the end of the year.
Among the provinces, Cebu accounted for 46% of the company’s revenue, while the remaining 54% came from other areas of Visayas and Mindanao, such as Iloilo, Davao, Cagayan de Oro, Bacolod, Dumaguete and Bohol.
Going ahead, the firm has 8,000 units in 15 residential sites, worth P17 billion, planned for 2021. The ventures are to be based in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro and Davao.
According to CLI, the 15 new ventures planned for this year would use assets in its existing land bank and proposals for their respective designs have already been drawn up.
“We will launch projects as soon as external factors allow and hope to further contribute to the shared goal of economic recovery,” said Mr. Soberano.
In addition, he said that the organization saw further prospects in 2021, supported by low interest rates, and continuing recovery from the pandemic by local and global economies.
“COVID-19 has realigned the spending priorities and stressed the importance of homeownership as a means of securing the future,” said Mr. Soberano.