Cebu Landmasters Inc. grew its revenue to P4.78 billion in the first quarter.
The figure is 33 percent more compared to what it gained in the same period last year, securing a strong momentum to complete its 19 residential projects worth P29.75 billion.
In a statement on Wednesday, the property developer reported sales that jumped 33 percent to P4.71 billion as its projects in Visayas and Mindanao neared completion.
Most of CLI’s sales came from its projects in Cebu, comprising 40 percent of the company’s total projects; CLI also has properties in Iloilo, Davao and Negros Oriental.
Reservations rose by 16 percent to P5.22 billion, boosted by sales from the developer’s flagship brand Casa Mira with 52 percent share.
Cebu projects
Most of CLI’s sales came from its projects in Cebu, comprising 40 percent of the company’s total projects. CLI also has properties in Iloilo, Davao and Negros Oriental.
For the hotel business, CLI recorded P29 million in revenue or 79 percent more from better room rates and pandemic-induced demand for travel.
Its leasing business also expanded by 22 percent to P21 million, while its property management business grew by 27 percent as management fees for 24 projects totaled P15 million.
Higher revenues
Moving forward, CLI expects a higher revenue from its three co-living and hotel projects set to open this year: lyf (pronounced “life,” or “live your freedom”) Cebu City in Base Line Center, Citadines Bacolod City in Negros Occidental, and The Pad Co-Living in Banilad High Street, Cebu.
CLI is also completing 19 residential projects totaling P29.75 billion to further increase revenue.
In the next two years, CLI sees more commercial leasing on its 46,008 square meters of gross leasable area, including retail spaces in Astra Centre Mall and the City Center at the Davao Global Township, which is the firm’s first mixed-use project.