Robust property demand in Visayas and Mindanao is increasing the bottom line of Cebu Landmasters Inc.
MANILA, Philippines – Cebu Landmasters Inc. (CLI) is pursuing up to 12 projects this year after strong demand in its home market lifted its bottom line for 2024.
Distanced from the oversupply concerns in the National Capital region, the Visayas and Mindanao-focused developer’s net income climbed by 8 percent to P3.01 billion.
The company said in a statement on Tuesday it also booked a 4-percent growth in its top line to a record P19.5 billion.
In terms of geographic share, Cebu accounted for 46 percent of CLI’s total revenues; Mindanao, 30 percent; and other areas, 24 percent.
“CLI continues to invest in projects that deliver quality and value for money, meeting the changing needs of our markets,” said Jose Soberano III, chair and CEO of CLI.
“Our foundation remains strong and we’re well-positioned for continued growth,” Soberano said.
Property sales ended at P17.3 billion, up by 5 percent.
According to CLI, its ongoing and new projects reached a 92-percent sellout rate.
This was driven by mid-market and economic brands, including Casa Mira and the Garden Series.
Both projects accounted for 87 percent of total residential sales.
Meanwhile, recurring income swelled by half to P467 million on the back of a 74-percent surge in hospitality revenues.
Last year, CLI began commercial operations at Citadines Bacolod City, its fourth hotel.
The company is currently developing six more hotels to reach 1,900 rooms in total and take advantage of the country’s booming tourism industry.
Rental income surged by 45 percent to P162 million. This was due to “attractive leasing spaces that have drawn global brands,” CLI said.
As of end-2024, the company had 125 projects in its portfolio. Of these, 96 are residential developments.
This year, CLI plans to launch up to 12 new projects worth P36 billion. The company is banking on strong demand in the Visayas and Mindanao.
“These launches aim to build on CLI’s regional momentum and capture opportunities in underserved markets,” Soberano said.
He added that 2025 was “a critical stage as we move into bigger-scale residential and township developments.”
CLI launched earlier this month One Manresa Place in Cagayan de Oro. It has so far made P5 billion in sales, representing a 90-percent sellout rate.
The three-tower project has 940 units priced from P4.6 million to P18.5 million each. It stands within CLI’s 14.6-hectare Manresa Town development. It is set for completion in 2030. INQ