Thursday, June 20, 2019

CLI uses up IPO funds

BARELY a year after its initial public offering, Cebu Landmasters Inc. (CLI) has fully spent the funds raised from the sale of shares and has built up its landbank to 976,302 square meters (sq.m), the company said.

In a disclosure, the property developer said around 70 percent of the funds were used in acquiring land in strategic areas where it is now aggressively building up new projects.

Forty-one percent of its landbank is in Mindanao, 33 percent in the Visayas, and 26 percent in Cebu.

“Cebu Landmasters is committed to the fast turnaround strategy of the company,” said Jose Soberano III, CLI president and chief executive officer. “We have developed 420,573 sqm. of our landbank after the IPO. We now have 52 projects in various developments and we’ve already expanded to eight key cities in VisMin.”

CLI was listed in the Philippine Stock Exchange on June 2, 2017 after generating P2.15 billion fresh capital from investors. It sold 430 million shares at P5 per share, the proceeds of which were intended to boost growth through expansion in new areas.

After the IPO, CLI bought 767,917 sq.m. of land in Cebu, Davao and Cagayan de Oro and added inventory in new locations in Bohol, Bacolod and Iloilo. This increased the developer’s landbank to 976,302 sq.m. after using 420,573 sq.m in various vertical and horizontal projects.

CLI’s 52 projects in various stages of development are located across the Vismin’s key cities--Cebu, Mandaue, Cagayan de Oro, Davao, Bacolod, Dumaguete, Iloilo and Bohol.

The developer recently launched the P3.6-billion Astra Centre, its second mixed-use property located in a 1.2-hectare lot at the heart of AS Fortuna St. in Mandaue City, Cebu. The project will have residential towers, modern office spaces, an upscale boutique mall and world-class hotel for millennials, Radisson RED, which is also the first in the Philippines. PR


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