Philippine-listed real estate developer Cebu Landmasters Inc (CLI) continues to dominate the residential market in the Visayas and Mindanao in 2020, according to a study conducted by Santos Knight Frank (SKF).
The market study found that Cebu Landmasters has the largest market share among real estate firms providing condominium projects and subdivisions in those regions.
The study disclosed that CLI accounted for 18,683 units or 12% of the available 86,126 units in VisMin, pulling ahead of developers operating nationwide based on Q3 2020 data. Its closest rivals were Sta. Lucia Realty and Development and Camella Homes, at 11,897 units and 11,768 units, respectively.
The SKF study also revealed that the most saleable VisMin projects were by CLI which exhibited an absorption rate of 83% and sales take up of 210 units a month.
The listed firm recently announced record reservation sales of Php14.25 billion in 2020 accounting for 5,300 units sold across key cities in the region despite pandemic conditions.
“The high sales velocity of our projects even at the height of the lockdowns in key cities verify a deeply felt need especially among VisMin economic and mid-income earners to own their own homes. 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,” said Franco Soberano, executive vice-president and chief operating officer of CLI.
A market study by Leechiu Property Consultants corroborated that the VisMin housing backlog would be at 2.85 million houses by 2022 with an average annual demand of 475,000 new housing units. Of this number, 200,000 mid and economic housing units are needed per year.
But only a handful of the current top 10 VisMin developers in 2020 are likely to maximize opportunities provided by the mid and economic income segment in 2021 and beyond. A number of these developers extended project completion and turnover dates due to the pandemic, the study discloses.
In 2020, CLI further boosted its digital capabilities to satisfy intensifying buyer inquiries. It digitized end-to-end transactions through various channels which showcase all of the company’s developments throughout VisMin.
A buyer can now select an available property in any of the 15 CLI cities in the region, check on construction progress, get real-time response to queries, join events, among many others – all online. – BusinessNews.ph
