CLI on track to meeting 2021 earnings growth targets

Cebu Landmasters Inc. (CLI)., the listed property developer from Visayas and Mindanao,    expects to hit its earnings target of 15 percent to 20 percent growth for 2021, said CLI CEO Jose Soberano II. 

“Our robust sales performance indicates CLI’s income streams in the near future. We have been working hard for this kind of growth trajectory,” Soberano said.

The company recorded P8.5 billion in reservation sales in the first half of the year, a 14 percent increase from the P7.4 billion a year ago, boosted by sustained housing demand in its geographic scope.

In the second quarter of 2021 alone, the listed company posted P5.2 billion in sales, exceeding the P4.6 billion reported a year ago. 

During the period, CLI launched six projects across different segments in Cebu, Iloilo and Ormoc. 

Cebu accounted for 29 percent of sales while Iloilo contributed 27 percent. Cagayan de Oro, meanwhile, accounted for 20 percent. 

In terms of market segments, CLI’s mid-market and economic housing units accounted for 38 percent and 41 percent respectively while its high-end developments pulled in 21 percent. 

A study by Leechiu Property Consultants also indicated that the VisMin housing backlog would post an annual average demand of 475,000 up to 2022 and that close to half or 200,000 would be generated by the mid- and economic segments.

Consistent with these findings, CLI already recorded high take-up of recently launched projects: Velmiro Heights CDO which is now 83 percent sold out; and Mandtra Residences in Cebu, which is already 82 percent sold out.

Moving forward, the company will tap its existing landbank for future projects. 

Meanwhile, land purchases in key growth areas to secure a new pipeline of revenue streams are on the drawing board and are expected to be closed in the coming months.

“Our vision is to see many more families securing their future in our communities,” Soberano said.

Latest