CLI earmarks P27.65B for pipeline projects in 2024 after delivering 16,282 homes in 2023

CEBU CITY—Cebu Landmasters, Inc. (CLI), a leading developer in VisMin earmarks P27.65B for pipeline projects in 2024 in expansion areas in Butuan, Gensan, and its maiden project in Luzon, after it delivered 16,282 housing units to the market as of 2023 and distributed P2.5B in dividends with an additional P0.18 per share declared and paid in March this year.

“Over the years, CLI emerged as a resilient and agile organization, able to surpass crises and headwinds starting with one housing project in a Balamban, Cebu to 119 projects now spread all over the Philippines by the end of 2023, while our net income grew 24 percent CAGR in seven years from P778 million to P3.58 billion,” CLI chairman and CEO Jose Soberano III said during the company’s hybrid annual stockholders meeting, June 4  at Citadines, Cebu City.

Soberano added that CLI continues its market leadership in 2023 with the launch of ten projects valued at P18.7B including the newly introduced Mirani brand with housing units priced from P1.90M to P2.90M for the affordable market segment.

The company posted sales performance reaching P20.6B in reservation sales with a 93 percent sell-out status of all projects.  The company also expanded its hospitality portfolio by opening three hotels and now boasts more than 1,500 room keys with six more hotel projects underway.

This committed investment in our tourism industry is poised to drive future revenue growth and improve our cash flow profile, all the while enhancing CLI's existing projects where value synergies are created.

In its follow-on offering of preferred shares last April, CLI raised over PHP 4.28 billion having to exercise its oversubscription option to meet demand. The company also announced its first international partnership with the Japanese mega conglomerate NTT, through CLI NUD Ventures Inc., a testament to how CLI is meeting international standards in its developments.

A strong priority of CLI remains to be its commitment to community-building initiatives through the Cebu Landmasters Foundation, Inc. (CLFI). Through CLFI, the company provides socialized housing and integrated support to informal settlers in collaboration with local government units, demonstrating its dedication to addressing housing backlog and uplifting the lives of partner communities.

CLFI also mounted programs for farmer beneficiaries, providing them with livelihood opportunities and partnering with them in environmental activities.  "We will foster stronger partnerships with local communities and form more strategic alliances, creating mutually beneficial relationships that support sustainable growth and development across the country," Soberano said.

CLI's strategic investments in capital projects totaled PHP 12.89 billion in 2023, with 81.7 percent spent on project development and six percent on land acquisition. An additional P14.5B is allocated for capital expenditure for 2024 with a sustained focus on project development and completion, to complete delivery on sold units.

This year’s 7^th Annual Stockholders Meeting approved three acts of the board of directors (BOD) that includes-- the joint venture with NTT-UD, a Japanese multinational company headquartered in Tokyo, Japan to develop a premium residential condominium project in Cebu I.T. Park; joint venture with Martinez Agricultural Corp. to develop a residential condominium project in midtown Cebu City and acquired a 21-hectare lot in General Santos City in December 2023. (Photos: MBCNewman)