Cebu Landmasters president and CEO Jose Soberano III is optimistic of the Visayas and Mindanao property market as he sees it to be remaining strong and robust especially as the company hits P2.87B reservation sales for the first half of 2017.
Soberano attributes the company’s success to its grasp of the Vis-Min market and thus develop projects that the local love. This shows the strong demand for properties in central and southern Philippines, said Soberano who recently led CLI to become the only Cebu-based real estate firm to IPO.
Soberano’s observation is consistent with figures culled by the National Economic and Development Authority that announced a Gross Domestic Product (GDP) growth of 6.4 percent. The government has targeted a maximum of 7.5 percent in GDP growth this year.
CLI booked P2.87 billion in reservation sales in the first half of the year. The figure almost exceeds their 2016 performance of P2.94 billion full-year sales.
“Our strong reservation sales performance for the first half of 2017 shows the strong demand for CLI’s diverse range of real estate offerings in Vis-Min which encompasses the high-end, mid-market, and economic residential developments along with our growing commercial and hospitality portfolio,” Soberano said.
He attributed this growth to strong reservation sales in the following projects: 38 Park Avenue at the Cebu IT Park which sold 60% of the units since it was launched last March, MesaTierra Garden Residences in Davao 80% sold in just 3 months, and the recently launched Casa Mira South in Naga, Cebu.
In an earlier disclosure, CLI announced it had fully paid P53 million for the purchase of a 6-hectare Sibulan-Dumaguete property in Negros Oriental despite earlier plans to pay this at the second half of 2017.
Soberano has envisioned that CLI will be the number one local housing developer in Visayas and Mindanao by 2020. The company has over 28 completed and ongoing vertical and horizontal residential projects in Vis-Min. As of July 14, CLI’s market capitalization has reached P8.9 billion.
The Cebu Chamber of Commerce and Industry has recently awarded Soberano the 2017 “Entrepreneur of the Year.” This is among the achievements of Cebu Landmasters for 2017 after its successful IPO earlier this year.