Cebu Landmasters Inc.’s (CLI) is starting constructions works of its 5.3 billion worth project, Mivela Garden Residences condominium in Metro Cebu. The development has generated overwhelming buyer interest as it is 80 percent sold out after 3 weeks of selling.
The listed developer pointed out that this remarkable record means that the company is on track to meet the expected P12.5-billion worth of reservations sales for this year. The four-tower Mivela Garden Residences, with P2 billion development cost, is the third of CLI’s garden series residential projects in Cebu and its sixth in the Vismin area.
Jose Soberano III, CLI president and CEO, explains: “Mivela Garden Residences is 80 percent sold out in 3-weeks and this is a very strong indicator that our products are right-sized and right-priced.”
Mivela Garden Residences is envisioned as a modern garden residential community that will level up city living. Greenery and open spaces will be complemented by amenities focused on a multilevel clubhouse with a swimming pool. Function rooms, gym, lobby lounge, Zen gardens, and outdoor lounge areas will complete Mivela’s offerings.
The development features a total of 1,536 units, catering to mostly individuals and starter families with its mix of studio and one-bedroom units. The project sits on a 1.26-hectare area in the prominent Banilad area in Cebu City where most of the hotels and large shopping malls are located.
“Even as Cebu Landmasters expands in VisMin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” says Soberano.
CLI’s Garden Series residential projects for the mid-market category serves as the primary driver for the company’s first-semester consolidated revenues this year, accounting for a 35 percent contribution to the total. Developments for the premier and economic markets turned in 33 percent and 29 percent of total earnings, respectively, for the first half. Cebu Landmasters emphasizes it is on track to hit its 2019 year-end guidance of P2.6 billion in consolidated net income and P2 billion in parent net income. CLI projects in Cebu represent 61 percent of the company’s total revenues as of the first half of 2019.
Cebu Landmasters, listed in 2017 boasts of a portfolio of 58 projects in various stages of development in 10 key cities in VisMin. The listed company has 28 fully completed projects with an aggregate amount of P17 billion.
Cebu Landmasters was recently awarded as the Best Developer in the Philippines by PropertyGuru Philippines Property Awards and will represent the country in the Asia Property Awards in November in Bangkok, Thailand.