CLI lines up P17.7 billion worth of projects this year

Cebu Landmasters Inc. said yesterday it is rolling out P17.7-billion worth of projects this year, as it continues to bank on the thriving real estate market in Visayas and Mindanao.

In a disclosure to the Philippine Stock Exchange yesterday, the listed property firm said it is set to roll out at P10.61billion worth of projects in the remaining months of 2017 in the VisMin where demand for housing continues to expand.

This is in addition to the P7.09-billion programmed projects, which have already been unveiled in the first half of the year, bringing the total amount of projects launched to P17.7 billion for 2017 alone.

The company strengthens its foothold in southern Philippines by rolling out 14 projects in 2017 in Sibulan (Negros Oriental), Bacolod (Negros Occidental), Iloilo, Cebu, Davao and Cagayan de Oro.

Chief Operating Officer Franco Soberano said: “The real estate market in the Visayas and Mindanao continues to thrive. Our vertical and horizontal project launches are proudly spread out across the most progressive markets in the region. Our expansion to these key VisMin cities of Cagayan de Oro, Davao, Bacolod, Iloilo, and Dumaguete is a strong indication of our positive outlook. We are also banking on our expertise and knowhow as a homegrown player from VisMin.”

CLI is set to introduce two more hotels in its mixed-use projects in Cebu City, in addition to its first hotel, Citadines by Ascott.

"Next are a hip and modern hotel catering to the millennial market with 150 rooms, and CLI’s third hotel in a mixed-use development called Astra Centre," the company said.

It will also expand its economic housing brand Casa Mira, which will now have in total more than 7,000 economic housing units as it expands to four more locations.

These are in Sibulan, Negros Oriental which will have 543 units; Iloilo City, 526 units; Bacolod, 637 units; and Guadalupe in Cebu City, 727 more units.

In the mid-end segment, its MesaVirre Garden Residences project will be introduced in Bacolod City.

Its Velmiro Heights project will also be launched in CDO.

CLI also announced it has created a fully owned subsidiary, Cebu Landmasters Property Management Inc. (CLIPM), which will handle all property management functions for its properties.

"Since 2003, CLI has served as property managers to all its horizontal projects. Now, all our vertical projects will be managed by CLI as well," Soberano said.

CLIPM plans to have around 50 personnel by the end of 2017.

CLI saw its net income in the first half of 2017 rising 164 percent as it is on track to surpass its P1.2billion income target for the year.

Its first half net income reached P634 million, up 164 percent from P240 million in the same period last year.

While revenue grew 107 percent to P1.8 billion in the six-month period from P875 million last year.

Its total assets reached P8.9 billion from P5.4 billion last year.

CLI shares closed at P5.08 apiece during the market recess noon yesterday.