CEBU Landmasters Inc. (CLI) saw its net income in 2019 rise to P2.01 billion in 2019, up by 21 percent.
The property developer’s expanding leasing and hotel portfolio boosted its consolidated revenues to P8.50 billion, up 26 percent from P6.76 billion.
Citadines Cebu City, which began operations in the third quarter of 2019, has provided CLI a new revenue stream.
CLI’s reservations sales also rose 32 percent to P12.68 billion from a mix of residential and mixed-use projects in six key Visayas and Mindanao areas – Davao, Bacolod, Cagayan de Oro, Bohol, Cebu City and Mandaue.
“Our momentum is building up very well, as evidenced by not only our strong financial results, market leadership and diversification, but also by our healthy balance sheet with our asset-base more than tripling from P11.5 billion in 2017 to P38.2 billion in 2019,” said CLI president Jose Soberano, in a stock exchange disclosure Wednesday, April 15, 2020.
He noted the sustained demand for housing amid the current economic uncertainties.
“We foresee that the huge housing backlog in most Visayas and Mindanao cities will sustain demand in the long run for CLI residential projects,” Soberano said.
In 2020, the firm will use its current 1.245 million square-meter landbank to roll out more projects in new locations in Iloilo, Bohol, Ormoc and Palawan.
In Cebu, CLI is developing a mid-market, multi-tower condo project in Mandaue City with AboitizLand Inc. The listed firm also intends to redevelop a high-end resort on Mactan Island. A landmark project in a prime lot at Cebu Business Park adjacent to Ayala Center Cebu will also be launched in 2020. This project will be anchored by a prestigious six-star hotel band, Grade A office and retail spaces. (CSL)