Upbeat outlook prompts CLI to invest in high-rise villages
Publicly-listed property developer Cebu Landmasters Inc. (CLI) has introduced its newest residential condominium project in Mandaue City, Mandtra Residences, noting an impressive turnout of interest among buyers.
The three-tower development, situated in a 2.4-hectare property in barangay Casuntingan, Mandaue City, is a partnership with Ixidor Holdings Inc., headed by former Aboitiz Equity Ventures chairman Erramon Aboitiz, through the joint venture Cebu Homegrown Developers Inc.
According to CLI executive vice president and chief operating officer (COO) Jose Franco Soberano, the company’s active stance in investing in vertical village projects, not only in Cebu, but across the Philippines, is prompted by the promising forecast of the country’s economy, saying “this is a strong year not just for the market but also for real estate”.
Cebu in particular, Soberano added, will see the manifestation of robust economic activities that will benefit more largely the real estate sector.
The introduction of Mandtra Residences, which recently opened its showroom for buyers to indulge, is just the first of many breakthroughs that the company has planned to take advantage of the robust real estate market.
Soberano expressed confidence that the year 2024 is going to be a great year for the economy of the Philippines, as well as Cebu’s local recovery.
The development of Mandtra Residences in Mandaue City offers an addition to the City’s growing modern residential portfolio.
Aside from Mandtra Residences, CLI also has a residential and commercial project along Hernan Cortes St. in Mandaue City.
Likewise, Soberano announced that the company is also doing another partnership with Erramon Aboitiz-led company Ixidor Holdings Inc., for the development of the P4-billion mixed-use Pristina North project.
Mandtra Residences feature amenities like a retail podium, three levels of parking, clubhouse, chapel, function hall, fitness gym, adult and kiddie pool, jogging path and landscaped areas.
Each residential tower features a lobby and reception area, three passenger elevators, a mail room, roundthe-clock security, property management services, 100 percent backup power, and one garbage holding room per level. Units have been designed so they can be easily combined.
For the first nine months of 2023, CLI posted a net income of P3 billion a 28 percent increase compared to its performance recorded in the same period of 2022.
CLI’s net income attributable to the parent company also posted a nine percent increase to reach P2.4 billion from P2.2 billion in 2022.
Double-digit revenue growth was recorded across all of CLI’s business segments, pushing the listed firm’s gross income to rise by 18 percent to P12.93 billion from P10.96 billion.