LISTED property developer Cebu Landmasters, Inc. (CLI) recently completed a P1.2-billion three-tower residential condominium in Mindanao, turning over more than half of its units to owners.
The Mesaverte Residences in Cagayan de Oro (CDO) City is the third completed project under the company’s mid-market Garden series, which mainly contributed to its first-semester revenue of P3.5 billion, closely matching its 2019 record.
About 700 units were already handed over to their owners, a sign that the company is “meeting their needs for residences that are priced right and in strategic city locations,” according to CLI Chief Executive Officer Jose R. Soberano III.
The condominium is situated in an 8,740 square meter (sq.m.) property, where 60% is an open space, accompanied with various amenities, such as a clubhouse, function rooms, swimming pools, fitness gym, children’s playground, and a multi-purpose court.
The project is expected to generate P2 billion in gross revenues.
CLI posted a record reservation sales growth of 41% between January and June to P7.43 billion. However, its net attributable profit fell by 7% to P792 million.
The Mesaverte, which was launched in 2016, is the company’s first project outside Cebu. It offers around 20 to 40 sq.m. studios and one-bedroom units. A quick sell out in less than a year led the company to build its second phase the following year.
The developer is building 14 property projects this year with a combined cost of P19 billion. Its current portfolio stands at 70 developments in 15 cities in the Visayas and Mindanao.
On Monday, shares in CLI slid by 1.42% to close at P4.86 each. — Adam J. Ang