A Cebu-based property developer is looking to buck industry trends in 2021, as it sets 25 projects collectively valued at P19 billion to be rolled out in the Visayas and Mindanao.
“Our 2021 projects will expand our VisMin footprint to cities like Ormoc, Bohol, Bacolod, Dumaguete, Iloilo and other key cities in the region while further strengthening our market share in Cebu and Cagayan de Oro where we have established a strong presence,” Cebu Landmasters Inc. chairman and chief executive officer, Jose Soberano III, said during the firm’s virtual annual stockholders meeting yesterday.
Soberano said that even at the height of the coronavirus disease 2019, the company maintained its position that VisMin – where cases of the disease have been relatively low – would easily bounce back economically from the pandemic.
It avoided layoffs and even increased its headcount to over 600 employees by end of the year, he said.
“2020 was a very challenging year. But we, at CLI, chose to look at opportunities and focus on the brighter side when we could,” he said, citing the firm’s heavy investment early on during the pandemic in establishing a strong digital presence that would allow clients here and abroad to select units all the way to making reservation payments.
Project planning also continued during lockdown periods with CLI personnel in the key cities of VisMin following up on the close to 30 permits and other requirements needed to launch a project.
The company launched three of the 25 projects in the first quarter of the year with more in the pipeline.
Soberano said it has set aside P12 billion for its capital expenditures for 2021.
CLI is confident it will complete ongoing residential and other projects totaling 33, including mixed-use developments, hotels, and townships.
A significant number of these will mature for greater revenue recognition before the year ends, it said.
Meanwhile, opportunities continue to abound in VisMin where the housing backlog has been estimated at 800,000 units a year.
Industry studies estimate that only 200,000 units are produced annually.
“We truly look forward to a better year. We hope to see even stronger buyer confidence as the vaccines continue to roll out,” he said.*PNA