Cebu Landmasters prepares P3.25B for expansion

Cebu Landmasters Inc.

In a statement on Thursday, the Visayas and Mindanao-focused property developer said the capital expenditure would be funded by the proceeds from its follow-on public offering.

Of the total, P1.35 billion will go to project development expenses for Velmiro Heights Consolacion, Velmiro Heights Davao, high-end condominium in Cebu IT Park and a mid-market condominium in Midtown Cebu.

The balance, P1.9 billion, is for land acquisitions.

READ: CLI set to develop another P373M residential project in Cebu

The plan was in line with CLI’s “ongoing commitment to prudent financial management and its strategic focus on maximizing shareholder value,” the company said.

The listed property developer said it would be spending the budget in the next 12 to 24 months.

In April, CLI raised P4.3 billion from a preferred share offering, its first fundraising activity since its stock market debut in June 2017.

The company raked in P3 billion from the base offer sale of 3 million shares at P1,000 each. With a big demand, it offered additional shares that allowed it to raise P1.3 billion more.

CLI currently has 37 completed projects and 119 others in various stages of development across Visayas and Mindanao.

Last month, CLI announced it had formed a new joint venture company with Martinez Agricultural Corp. for a P373.59-million residential project in Cebu.