MINERVA BC NEWMAN
CEBU CITY— Cebu Landmasters, Inc. (CLI), the leading real estate developer in VisMin exceeded its 2019 pre-pandemic growth posting a net income of P2.61B attributable to its shareholders in 2021.
In a virtual briefing today, April 7, CLI said this growth is 42 percent higher from 2020’s P1.85B net income and 30 percent up from its 2019 pre-pandemic bottomline.
CLI chairman and CEO Jose Soberano III said that the company’s 2021 performance exceeded its targets for the year and “puts us in a position to pick up from where we left off pre-COVID.” In 2019, CLI’s NIAT registered at Php 2 billion.
CLI’s topline grew by 35 percent to P11.16 billion from 2020’s P8.3 billion driven by significant construction accomplishments and robust sales, which resulted in a P25 billion or 23 percent increase in unrecognized revenue for future recognition.
Soberano added that sales also hit a record P16.5 billion in 2021, 16 percent more than the previous year. This was on account of solid housing demand in the Visayas and Mindanao particularly in the economic and mid-income segments.
CLI’s 10 residential launches generated Php 18 billion in sales value. Soberano highlighted Cagayan de Oro as its very progressive residential market. The listed company’s economic housing brand Casa Mira generated the highest sales performance, taking 41 percent of total sales in 2021, followed by mid-market developments at 27 percent and high-end projects at 31 percent.
Beyond economic housing, CLI projects that fared well were Terranza Residences in Iloilo City, 82 percent sold by end-2021; CLI’s first resort living complex Costa Mira Beachtown Mactan, 92 percent sold out within a week from launch.
By the end of 2021, construction was in full-swing across all project sites in 16 key cities in VisMin and catch-up measures had been put in place to compensate for delays caused by quarantine restrictions.
A major investment now progressing as planned is Masters Tower Cebu which will generate 10,500 sqm. of GLA and also incorporates Sofitel Cebu City’s 195 rooms. Another anchor project is the 125-room Abaca Resort Mactan, a luxury hotel designed to be among Cebu’s premier hotel destinations.
CLI has one operating hotel with seven other brands under different stages of construction. This will deliver a total of 1,775 keys to CLI’s growing hospitality portfolio by 2025.
Meanwhile, rentals have increased by 35 percent year-on-year following the completion of and signing of new leases in the 5-star BERDE-certified green building Latitude Corporate Center in Cebu Business Park. Overall, GLA has doubled to 29,000 sqm. and will be expanded over 50,000 sqm. upon completion of a number of projects within two years.
To ensure its growth momentum, CLI acquired 41 hectares in 2021, bringing the total landbank to over 100 hectares worth P12 billion. Another 70 hectares are in the last stages of negotiations. The listed firm drew from its P10 billion capex to fund fresh landbank.
In 2022, it has 21 projects in the pipeline for launching including a new site in Palawan. CLI kicked off Q1 2022 with The East Village at Davao Global Township (DGT), its first residential community which sold out in four days. It also began construction of Casa Mira Towers Bacolod which sold 73 percent of its first tower in a month after introduction.
Sales and development will be anchored for the balance of the year by DGT, CLI’s first estate envisioned to transform the 22-hectares Davao Golf Course in Matina, Davao City, into an iconic business district at par with other business districts in Southeast Asia.
The first phase of development includes the construction of a lifestyle mall and a cultural center designed to create synergies with The East Village residences. DGT was recently awarded as the Best Township in Asia by PropertyGuru Asia Property Awards.
CLI declared a regular cash dividend of P0.112 per share last March 15.
Because of the company’s outstanding performance, the Board also approved a special cash dividend of P0.038 per share to shareholders of record as of April 22, 2022. Payment date will be on May 17, 2022.
“We are very pleased that CLI’s strong foundations from planning to execution, withstood the challenges presented by the pandemic. We look forward to the rest of the year with fresh plans and optimism that will propel us in this new normal,” Soberano concluded. (Photos: CLI)
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