CEBU Landmasters, Inc. (CLI) targets to unveil two more projects before the end of the year, its chairman said on Tuesday.
“We are set to launch two more projects in the remaining months of the year: The North Grove at Pristina Town, a two-tower upper mid-market project in Cebu with over 1,000 units, and the first three towers in Manresa Town in Cagayan de Oro, which is CLI’s second township,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a statement to the stock exchange.
CLI Chief Operating Officer Jose Franco B. Soberano said in a separate virtual briefing that the company will soon start receiving reservations for the upper mid-market project in Pristina Town.
“That’s over P2 billion potentially of revenue from the initial launch there,” he said.
He added that CLI is eyeing to launch the maiden residential offering in its Manresa Town project by December.
For the first nine months, CLI recorded a 7% increase in its net income to P2.3 billion from P2.2 billion last year, led by the core business and recurring income streams.
Revenue improved by 9.2% to P14.1 billion as property sales grew by 8.7% to P13.8 billion on strong demand across residential, mid-market, and economic housing segments, along with commercial lot sales.
From January to September, CLI launched P8.2 billion worth of projects with 1,664 residential units, of which 57% is for the mid-market segment while 32% is for the economic segment.
Hospitality revenue rose 52% to P149 million, led by the opening of new properties, while leasing revenue surged by 47% to P144 million, with 9,219 square meters of new leasable space offered.
“With strong nine-month results and a growing portfolio driven by regional demand, CLI is well-positioned to continue its momentum heading into the yearend,” it said.
“Its focus on regional expansion, diverse housing solutions, and a solid project pipeline solidify its leadership in Visayas and Mindanao’s real estate market, with potential for growth in Luzon,” it added.
On Tuesday, CLI stocks dropped by 1.08% or three centavos to P2.75 per share. — Revin Mikhael D. Ochave
