MANILA, Philippines — Cebu Landmasters Inc. (CLI) is targeting to launch P29.75 billion worth of pipeline projects this year following a record performance in 2022, and potentially launch its own real estate investment trust (REIT).
CLI chairman and CEO Jose Soberano III said the company remains committed to strengthening leadership in the Visayas and Mindanao.
“We have recorded double-digit growth across all market segments since our 2017 IPO. Because of this remarkable growth, we are finally setting our sights on Luzon in the next two years,” Soberano said.
Aside from continuing to fill in Visayas and Mindanao’s housing backlog by expanding to new areas, CLI is also establishing its foothold in the hospitality industry with three projects to open in 2023, namely, The Pad, lyf Cebu City at Base Line Center and Citadines Bacolod City.
The listed company also targets substantial growth in its leasing business, with the addition of 4,000 sqm worth of gross leasable area (GLA) largely from Davao Global Township retail pads and convention center.
Building these recurring income developments, would potentially be a springboard for REIT, Soberano said.
In 2022, CLI recorded a net income of P3.17 billion, up 32 percent from the previous year.
The company recorded earnings growth across all revenue sources, allowing CLI to increase its capital spending by 13 percent mainly for property development and land acquisition.
Moving forward, CLI is working on its “Next Level CLI” strategy, which includes growing the company’s capital, expanding its portfolio, developing new areas, and striving for sustainability.
To beef up its war chest, CLI issued P5 billion worth of fixed-rate bonds at the Philippine Dealing and Exchange Corp. (PDEx). This was from its approved shelf registration of a P15 billion debt securities program to be utilized within three years.
In 2022, the company launched close to 5,000 units across 16 projects, worth P19.36 billion collectively. CLI’s business portfolio also surpassed the 100 mark with a total 109 projects or over 80 residential projects, six offices, 10 hotels, 10 mixed-use projects, and three township developments spread across 16 key cities in VisMin.