CLI eyes more township developmentsinVismin
Cebu Landmasters Inc. (CLI) announced its aggressive stance to pursue more township developments in Visayas and Mindanao, expanding further its bottomline targets.
This was announced yesterday by CLI president Jose R. Soberano III during the company's stockholders meeting held at the 38 Park Avenue showroom at the Cebu IT Park.
Parallel with the company's active move to expand its residential development projects, Soberano said CLI is currently negotiating with several landowners in Cebu, Davao, Cagayan de Oro, as well as Iloilo and Bacolod to grow its portfolio in the estate development segment.
Already, CLI sealed two estate development agreements in Davao, the 20-hectare business district development in Matina and the 18-hectare University Town in Buhangin area.
In Cebu, Soberano said the company is talking with owners of a 20-hectare estate and five-hectare property within the Metro Cebu area to be converted as township projects in the near term.
Likewise, another negotiation is ongoing for a potential 60-hectare township project in Cagayan de Oro.
A township development is an establishment of a complex process of converting land into residential, commercial or industrial properties
"It is our mission to bring a more homegrown approach to mixed-use and estate development, such as that these connect very well to the public and contribute strongly to the economic and social goals of each city," added Soberano.
The company's chief financial officer (CFO) Stephen A. Tan reported yesterday CLI's record breaking performance in 2017, as it saw sales revenues at P3.93 billion coupled with operating and net income at P1.56 billion and P1.3 billion respectively.
CLI recorded a historical reservation sales amounting to P4.58 billion, up by 55 percent versus 2016. This will ensure strong sales revenue recognition in the coming years, Tan said.
Moreover, the company entered the Initial Public Offering (IPO) in June last year, where it generated fresh capital equity amounting to P2.15 billion.
"In 2018, CLI will launch a record number of 20 new projects. Our decision to diversify our portfolio many years ago is paying today, as we able to tailor-fit different products to the demand opportunities and supply gaps in each market," said CLI executive vice president and chief operating officer Jose Franco B. Soberano.
As of end of 2017, CLI already built a total of 46 projects located in seven key cities of Visayas and Mindanao.