Newly listed property developer Cebu Landmasters Inc. (CLI) has broken ground for a 24-story modern office at Cebu Business Park, expanding its office property portfolio.
The new office project, Latitude Corporate Center, will have 35,000 square meters of gross floor area upon its completion by the fourth quarter of 2019.
CLI said since the project was offered to the market last November 2016, 83 percent of its inventory has already been taken up, a disclosure to the Philippine Stock Exchange on Friday read.
The project is a 50-50 percent joint venture partnership with Borromeo Bros. Estate, the disclosure added.
CLI said the upcoming office tower would cater to business process outsourcing tenants, enterprise and executive tenants.
“Additionally, plans include a commercial area to be located on its ground floor for restaurants and food outlets,” the disclosure also read.
CLI, seen to cater to the Visayas-Mindanao property market, recently raised P2.9 billion from its stock market debut. It listed on the Philippine Stock Exchange last June 2.
Proceeds from the sale will be used to fund the expansion of this homegrown Cebuano property firm, founded by industry veteran Jose Soberano III in 2003.
In 2016, CLI booked a net income of P702.32 million. It has grown at a compounded annual growth rate (CAGR) of 150 percent since 2012.
Sales turnover last year stood at P2.18 billion while operating profit ended at P849.7 million, translating to a CAGR of 61.47 percent and 116.82 percent, respectively. —DORIS DUMLAO-ABADILLA