CLI: 2024 ‘great year’ for real estate, economy

Business.(Business File photo)

PROPERTY developer Cebu Landmasters Inc. (CLI) remains bullish about the outlook for Cebu’s property scene, describing 2024 as a “big year.”

“We were just at the stock market two days ago, CLI’s chairman presented at the Philippine Stock Exchange and they’re all saying that this is a strong year not just for the market but for real estate. 2024 is gonna be a big year,” said Jose Franco Soberano, executive vice president and chief operating officer at CLI during the launching of Mandtra Residences’ showroom in Mandaue City on Friday, March 1, 2024.

Mandtra Residence is managed by CLI in partnership with Ixidor Holdings Inc. headed by former Aboitiz Equity Ventures chairman Erramon Aboitiz, through the joint venture Cebu Homegrown Developers Inc.

Launched in 2021, this P3.1-billion project offers a total of 1,879 condo units with sizes ranging from 21 square meters to 41 square meters.

This three-tower project sits on a 12,405-square-meter property on P. Basubas St. in Barangay Tipolo, Mandaue City. Tower 1 is a 26-story building with 595 units, while Tower 2 is a 30-story building with 685 units. Tower 3 with 26 floors has 599 condo units.

Its unit types include studio, studio with balcony, studio with terrace, one bedroom, one bedroom with balcony, and one bedroom with terrace.

According to CLI president Jose Soberano III, the unveiling of Mandtra Residences’ showroom is “the start of the first quarter breakthrough for the year.”

“2024 is going to be a great year for the economy of our country and our local recovery. We can feel it in the air,” Soberano said.

Soberano said Mandtra’s presence is an addition to Mandaue City’s already booming property skyline.

Mandtra Residences feature amenities like a retail podium, three levels of parking, clubhouse, chapel, function hall, fitness gym, adult and kiddie pool, jogging path and landscaped areas.

Each residential tower features a lobby and reception area, three passenger elevators, a mail room, round-the-clock security, property management services, 100 percent backup power, and one garbage holding room per level. Units have been designed so they can be easily combined.

Aside from Mandtra Residences, CLI also has a residential and commercial project along Hernan Cortes St. in Mandaue City. The company will also start building the P4-billion mixed-use Pristina North project also in partnership with Ixidor Holdings Inc. in Mandaue.

9-month performance

CLI continued to deliver robust growth in its consolidated net income for the first nine months of 2023, posting a 28 percent rise to hit P3 billion in the end of September from the P2.4 billion recorded in the same period in 2022.

CLI’s net income attributable to the parent company also posted a nine percent increase to reach P2.4 billion from P2.2 billion in 2022.

Double-digit revenue growth was recorded across all of CLI’s business segments, pushing the listed firm’s gross income to rise by 18 percent to P12.93 billion from P10.96 billion. / KOC


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