MANILA – Cebu Landmasters, a residential developer in Visayas and Mindanao (VisMin), announced a 41-percent growth in sales to PHP7.43 billion in the first semester of 2020 year-on-year, driven by increased demand from end-users of affordable homes seeking safer and more secure dwellings as protection from the coronavirus disease 2019 (Covid-19) pandemic.
CLI chairman and chief executive officer Jose Soberano III said “the pandemic has heightened the realization that good housing means good health. In March, we began helping our buyers afford our homes by offering stretched payment terms and other promotions.”
Reservation sales as of June 2020 come largely from the listed company’s residential developments in key VisMin cities impacted by the pandemic.
A significant 40 percent of sales were from projects in Cebu City, where the enhanced community quarantine was recently extended.
Iloilo City and Cagayan de Oro also accounted for 23 percent and 19 percent of sales, respectively.
These are classified as low-risk areas by the Inter-Agency Task Force (IATF) along with Bacolod that contributed 10 percent of sales and Bohol at 8 percent.
CLI is located in 15 key cities in VisMin and its strong sales performance is driving the company to launch a total of 14 projects in 2020 worth PHP19.4 billion focused on the economic and mid-market market segment.
It intends to roll out 7,000 more economic housing units by year-end to replenish its diminishing housing inventory.
Soberano was optimistic that CLI would be able to meet its year-end goals in terms of sales targets.
Construction on the majority of CLI projects continued during the lockdown period in 13 VisMin cities where it is allowed by the respective local government units strictly enforced social distancing and other safety measures. (PR)
