PROPERTY developer Cebu Landmasters Inc. (CLI) has earmarked P12 billion in capital expenditures (capex) for 2021 to fund the company’s landbank activities and ongoing developments.
The homegrown firm, during its annual stockholders’ meeting on Wednesday, April 7, 2021, said it targets to grow 15 to 20 percent this year as demand for housing in the Visayas and Mindanao area remains on the upside.
CLI said it has a total of 25 projects in the pipeline; 15 of these are P19 billion residential developments that will be launched this year, supplying over 7,500 units to the sustainable housing market.
The capex will also fund the ongoing development of Latitude Corporate Center, which is expected to increase total gross leasable area to more than 28,000 square meters, almost double from 2020.
“There is a real estate boom and a global trend towards safer and healthier homes. With CLI’s agility, we’re able to take advantage of this new kind of demand,” said Jose Soberano III, chairman and chief executive officer of CLI.