CLI to boost its recurring income

Cebu Landmasters, Inc. (CLI), a property developer in Visayas and Mindanao, is aiming to generate 10 percent of its total revenues from recurring sources by 2023 when it expects its gross leasable area to reach 200,000 square meters. In a statement, CLI Preisdent Jose Soberano III said the company will further expand its recurring income streams within the next four years as it completes other ongoing projects which include both office buildings and malls. CLI said Astra Centre Lifestyle Mall in Mandaue City, with a gross floor area of 14,000 sqm, is its first lifestyle shopping destination and is targeted to be completed in 2021. Last year, CLI already turned over 2,655 sqm of floor area, a portion of the retail area in Base Line Center, to Robinsons Supermarket. This increased the company’s gross leasable area by 33 percent from 6,297 sqm to 8,952 sqm. (JAL)