MANILA -- Listed property developer Cebu Landmasters Inc. (CLI) targets to hit PHP7 billion in reservation sales this year, up 52 percent from PHP4.58 billion posted last year.
CLI attributed its exceptional performance last year mainly to newly-launched residential projects, which are now almost fully sold.
“In 2018, we will continue to expand our footprint in the Visayas and Mindanao, and develop projects that respond to the growing market in these areas,” CLI chief executive officer Jose Soberano III told the local bourse.
The company will launch this year 20 new developments, among them two residential subdivisions, three residential condominiums, three offices, one hotel and one industrial park in Cebu; two residential condominiums and a hotel in Bacolod; and a residential condo in Iloilo.
It also plans to fortify its foothold in Mindanao where it will launch two residential subdivisions and one residential condominium in Cagayan de Oro, while a central business district and two residential condominiums will be unveiled in Davao.
The upcoming projects boost CLI’s total number of projects to 66 from 46 last year, as it continues to strengthen its brand in its niche markets.
Soberano is confident of meeting performance targets set for the year and beyond.
The company targeted to book PHP1.7 billion in profit and PHP5.3 billion in revenue in 2018.
It expects that hikes in household income resulting from the newly approved package 1 of the Duterte government’s Tax Reform for Acceleration and Inclusion (TRAIN) law will be channeled to housing.
CLI said government spending in infrastructure was also expected to unlock land values outside Metro Manila and stimulate business in the countryside. (PNA)