CLI nets P2.3 billion in first 9 months 2024

CEBU, Philippines — Publicly-listed real estate developer Cebu Landmasters Inc. (CLI), has posted solid financial results for the first nine months of 2024, with consolidated revenues surpassing P14.1 billion, a 9.2 percent increase from P12.9 billion during the same period in 2023.

The company’s net income attributable to the parent grew seven percent year-on-year to P2.3 billion, up from P2.2 billion.

During the recently held press briefing, CLI Chairman and CEO Jose Soberano III reported that growth was driven by an 8.7 percent increase in property sales, which reached P13.8 billion, supported by strong construction progress and a successful commercial lot sale.

CLI’s diversified project portfolio continues to resonate with buyers, with the company launching P8.2 billion worth of new developments, including 1,664 residential units.

Notably, 89 percent of these newly launched projects are already sold out, highlighting strong demand.

Soberano attributed the fast market absorption to the company’s strategy of offering well-priced, well-designed developments tailored to the needs of its target markets.

“Several projects have sold out almost immediately upon launch, reinforcing our belief in the strong demand for our products," Soberano said.

CLI’s mid-market Garden Series, which accounts for 57 percent of total sales, remains a key driver of growth. Geographically, Mindanao continues to lead sales with 56 percent of reservations, while Cebu represents 23 percent.

This shift toward Mindanao aligns with CLI’s strategy to strengthen its presence beyond its core Cebu market.

Looking ahead, CLI plans to launch two more significant projects by year-end: The North Grove at Pristina Town, an upper mid-market development in Cebu, and the first three towers at Manresa Town in Cagayan de Oro, marking CLI’s second township development.

In addition to residential sales, CLI’s hospitality and leasing segments also showed notable growth.

Hospitality revenues surged 52 percent to P149 million, bolstered by the opening of three new properties—Citadines Bacolod City, lyf Cebu City, and The Pad Co-Living—adding 617 rooms to its portfolio.

Meanwhile, leasing revenues rose 47 percent to P144 million, with high-profile tenants like Dean & Deluca and Seattle’s Best opening flagship branches in CLI properties.

CLI’s strategic expansion is further evidenced by the ongoing development of 32,196 sqm of leasable space, including the upcoming Astra Center Lifestyle Mall in Cebu. This positions CLI to continue generating steady rental income from prime, high-traffic locations.

The company’s strong regional performance was further validated by recent industry accolades.

According to Colliers Philippines’ 2024 Real Estate Market Study, CLI is now the top residential developer in VisMin, increasing its market share to 19.3 percent, up from 15.6 percent the previous year.

CLI was also recognized as Best Developer in Mindanao for the fourth consecutive year at the PropertyGuru Philippines Property Awards. Additionally, CLI received a 2 Golden Arrow award from the Institute of Corporate Directors for its commitment to corporate governance.

“We are honored by these recognitions,” said Soberano. “They inspire us to continue creating sustainable, high-quality developments that contribute to the growth of the VisMin region.”

With strong results year-to-date and a robust project pipeline, CLI is poised to maintain its leadership position in VisMin’s real estate market and is well-positioned for further expansion into Luzon.