MESATIERRA Garden Residences of Cebu Landmasters Inc. (CLI) held their groundbreaking ceremony Friday, October 20, and is now nearing 90 percent sold-out for their more than 600 residential units since their launching March of this year.

According to CLI president and CEO Jose Soberano III, they have started with the board piling about 3 to 4 months prior to the groundbreaking. Since their official launching March of this year, they have already sold 90 percent of the units.

Since then, their unit prices had undergone multiple price increases, which, according to Soberano, is reflective of the good market Davao City has.

“Those that bought earlier have already experienced appreciation. We started with about P72,500 per square meter (sqm). It’s now, I think, P95,000 per sqm. We have gone through five price increases already. That’s how strong the market is and it will continue to increase to sell out the remaining 10 percent of the units,” he said.

Soberano said majority of their buyers consist of overseas Filipino workers (OFWs), with some coming from neighboring cities of Davao such as General Santos City and Tagum City.

He attributes the brisk sales for the market’s earlier anticipation of the coming of CLI in Davao City as well as the good broker network that they have established. He added there is so much unserved demand for the market in the city in terms of similar residential establishments that’s why, he said, the selling had been good in less than a year.

They target to finish the entire project within two years with the topping off ceremony to be done 18 months after the groundbreaking.

“We gradually turn over per floor. Turn-over can even start earlier for those floors that are already complete,” he said.

Mesatierra Garden Residences, which is situated at Emilio Jacinto Extension, is a joint venture (JV) project of Cebu Landmasters, Inc. and the Yuson Commercial Investments. The JV, Yuson Excellence Soberano (YES), was announced in September of last year.