Cebu Landmasters maintains market lead in Visayas, Mindanao – SKF study

CEBU LANDMASTERS, Inc. (CLI) has retained the largest market share among real estate firms that establish condominium projects and subdivisions in Visayas and Mindanao in 2020, based on a recent market study.

In a regulatory filing on Monday, the listed property developer cited a market study conducted by Santos Knight Frank (SKF), which revealed that CLI accounted for 12% or 18,683 units from the 86,126 available units in Visayas and Mindanao, based on data from third quarter last year.

The study added that companies trailing CLI were Sta. Lucia Realty and Development at 11,897 units, and Camella Homes at 11,768 units.

In 2019, SKF also placed CLI as the top developer of residential projects in Visayas and Mindanao, with a 12% market share, delivering close to 18,000 units.

Further, the study said CLI projects in Visayas and Mindanao were the most saleable projects in the two areas, with an absorption rate of 83%, and sales taking up 210 units per month.

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CLI previously said that it posted P14.25 billion worth of reservation sales for 2020, which accounted for 5,300 sold units despite the coronavirus disease 2019 (COVID-19) pandemic.

“The high sales velocity of our projects even at the height of the lockdowns in key cities verify a deeply felt need, especially among Visayas and Mindanao economic and mid-income earners, to own their own homes,” Jose Franco B. Soberano, CLI executive vice-president and chief operating officer, was quoted as saying.

“We intend to continue fulfilling this need in 2021 with 8,000 more units in 15 residential projects in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro, and Davao,” he added.

Meanwhile, CLI cited a market study conducted by Leechiu Property Consultants that showed the housing backlog in Visayas and Mindanao would reach 2.85 million houses by 2022, with an average yearly demand of 475,000 housing units. From the figure, around 200,000 mid and economic housing units are needed every year.

However, the study said only some of the current top 10 developers in Visayas and Mindanao in 2020 are most likely to maximize opportunities in the mid and economic income segment for 2020 and beyond, as some developers extended project completion and turnover dates due to the pandemic.

Mr. Soberano said that CLI, together with local government units and stakeholders, has been able to roll out nine new projects with 4,300 units in Bohol, Iloilo, Dumaguete, and Davao.

“By yearend, 70.6% of the company’s new inventory mostly bearing the flagship brand Casa Mira had been sold out,” Mr. Soberano said.

“The year 2020 opened our eyes further to how high the demand truly is for quality housing in Visayas and Mindanao, and we hope to build on our growth momentum to satisfy this great need,” he added.

On Monday, shares in CLI at the stock exchange rose 0.59% or three centavos to end at P5.13 each. — Revin Mikhael D. Ochave

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