CEBU Landmasters Inc. (CLI) is starting the construction for the P5.3 billion Mivela Garden Residences in Cebu City.
At the groundbreaking of the condo project Thursday, Oct. 24, 2019, company officials said the development has already generated an “overwhelming” buyer interest as it is 80 percent sold out after three weeks of selling.
“This is a very strong indicator that our products are right-sized and right-priced,” said CLI president and chief executive officer Jose Soberano III.
The listed developer pointed out that the remarkable record means the company is on track to meet the expected P12.5 billion worth of reservations sales for this year.
The four-tower condo complex, with P2 billion development cost, is the third of CLI’s garden series residential projects in Cebu and is the sixth in the Visayas and Mindanao (Vismin)area.
Mivela Garden Residences is envisioned as a modern garden residential community that will level up city living. Greenery and open spaces will be complemented by amenities focused on a multi-level clubhouse with a swimming pool. Function rooms, gym, lobby lounge, zen gardens, and outdoor lounge areas will complete Mivela’s offerings.
The project will have a total of 1,536 units, catering to mostly individuals and startup families with its mix of studio and one-bedroom units.
The project sits on a 1.26 hectare property in Barangay Apas, Cebu City, where most of the hotels and large shopping malls are located.
“Even as Cebu Landmasters expands in Vismin, we will continue to keep our strong presence in Cebu which sets the trends for this region,” Soberano said.
CLI’s Garden Series residential projects for the mid-market category serves as the primary driver for the company’s first-semester consolidated revenues this year, accounting for 35 percent.
Developments for the premier and economic markets turned in 33 percent and 29 percent of total earnings, respectively for the first half.
The developer said it is on track to hit its 2019 year-end guidance of P2.6 billion in consolidated net income and P2 billion in parent net income.
CLI projects in Cebu represent 61 percent of the company’s total revenues as of the first half of 2019.
CLI currently has a portfolio of 58 projects in various stages of development in 10 key cities in Vismin. The company has 28 fully completed projects with an aggregate amount of P17 billion.