Sun.Star Cebu - - BUSINESS - JEANDIE O. GALOLO / Re­porter @je­andieee

As it broke ground for Phase 3 of its Mivesa Gar­den Res­i­dences in Barangay Lahug, listed prop­erty de­vel­oper Cebu Landmasters Inc. also re­vealed its plan to serve those in search of af­ford­able first homes.

The founder of pub­licly-listed Cebu Landmasters Inc. said he is keen on ex­pand­ing the prop­erty de­vel­op­ment com­pany’s port­fo­lio to in­clude the lower-end mar­ket and help ad­dress the county’s chal­lenge of deal­ing with in­for­mal set­tle­ments.

In an in­ter­view with re­porters yes­ter­day, CLI Pres­i­dent Jose Sober­ano III said the com­pany has em­barked on its first col­lab­o­ra­tion for a low-rise ver­ti­cal hous­ing project in Inayawan, Pardo with Pag­tam­bayay­ong-A Foun­da­tion for Mu­tual Aid, Inc.

“While they (in­for­mal set­tlers) are com­fort­able in their present abode, it might be bet­ter re­ally for the gov­ern­ment to en­cour­age ver­ti­cal liv­ing and give these res­i­dents an op­por­tu­nity to own their houses or units,” said Sober­ano at the side­lines of the ground­break­ing of Phase 3 of Mivesa Gar­den Res­i­dences in Barangay Lahug in Cebu City.

Given to­day’s ur­ban mi­gra­tion, the busi­ness­man raised the need for more low-cost dwellings that in­for­mal set­tlers can af­ford, with flex­i­ble fi­nanc­ing op­tions.

How­ever, with the scarcity of raw lands in Cebu’s key cities, as well as soar­ing land prices, Sober­ano rec­om­mended build­ing ten­e­ments in nearby towns like Con­so­la­cion and Liloan in the north, or Tal­isay City and Minglanilla in the south.

“If you are in a lo­ca­tion closer to the main high­way, you can ac­tu­ally build three to four-storey con­dos and peo­ple will buy. That will be­come the trend. Given the chance, we would like to be part of that,” he said.

For its col­lab­o­ra­tion with Pag­tam­bayay­ong, Sober­ano said CLI has pro­vided funds for the land ac­qui­si­tion and the on­go­ing con­struc­tion of two to three-storey struc­tures that will house at least 60 fam­i­lies.

Pag­tam­bayay­ong is a non-gov­ern­men­tal or­ga­ni­za­tion that pro­motes low-in­come hous­ing. Its cen­ter for ap­pro­pri­ate tech­nol- ogy con­ducts re­search, pro­duc­tion, and train­ing on ap­pro­pri­ate build­ing tech­nolo­gies. The NGO is also a mem­ber of Sus­tain­able Build­ing Tech­nolo­gies-Philip­pines, the net­work of SBT prac­ti­tion­ers.

For the last 13 years since it was formed, CLI has largely em­barked on res­i­den­tial projects, both hor­i­zon­tal and ver­ti­cal, that cater to the mid­dle-mar­ket seg­ment. This cat­a­pulted it to be­come the num­ber one lo­cal hous­ing de­vel­oper in Metro Cebu, ac­cord­ing to real es­tate firm CBRE Philip­pines.

The home­grown de­vel­oper made its de­but in the Philip­pine Stock Ex­change (PSE) last June 2 this year, rais­ing P2.15 bil­lion of fresh eq­uity cap­i­tal.

For the third quar­ter, the listed de­vel­oper posted a 105 per­cent year-on-year profit growth and ex­pressed con­fi­dence that it is on track to sur­pass the P1.2-bil­lion net in­come year-end tar­get.

CLI’s year-to-date net in­come af­ter tax reached P940 mil­lion, ex­ceed­ing the pre­vi­ous year’s P459 mil­lion. The home­grown de­vel­oper at­trib­uted this re­port to the 68 per­cent in­crease in real es­tate rev­enues in the past quar­ter to P2.736 bil­lion.


LAND. Cebu Landmasters re­ported a net in­come of P959.8 mil­lion as of Septem­ber 2017. That was about 77 per­cent higher than its net in­come for the same pe­riod, it told the Se­cu­ri­ties and Ex­change Com­mis­sion and the Philip­pine Stock Ex­change.

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