CLI sets P27.65-B expansion cache
MANILA, Philippines — Cebu Landmasters Inc. (CLI) has lined up P27.65 billion worth of expansion plans for this year—including its maiden project in Luzon—as the Soberano-led property developer ramps up its presence across the country.
The property developer, during its stockholders’ meeting on Tuesday, announced that projects in the pipeline include those in Butuan, General Santos, and Luzon.
The listed company continues to widen its portfolio after spending P12.89 billion last year for mostly project development, but also for land acquisition.
It launched 10 housing projects last year and opened three hotels. Six additional hotels are undergoing construction.
READ: VisMin-focused property developer eyes bigger presence in Luzon
“This committed investment in our tourism industry is poised to drive future revenue growth and improve our cash flow profile, all the while enhancing CLI’s existing projects where value synergies are created,” the company said in a statement.
Article continues after this advertisementFundraising
In April, CLI raked in P4.3 billion from a preferred shares offering, its first fundraising activity since making its market debut in June 2017. The follow-on offering was 1.43 times oversubscribed on the back of strong investor appetite.
Article continues after this advertisementProceeds from the transaction will go to the construction of six residential projects set to launch by the fourth quarter of 2026.
READ: Cebu Landmasters raises P4.3B from preferred shares
CLI currently has 37 completed projects, with 119 others in various stages of development across the Visayas and Mindanao.
The company is also set to build a P6.4-billion residential complex in Cebu City, in partnership with Japanese real estate company NTT UD Asia Pte Ltd.
The company grew its first-quarter net income by 15 percent to P978 million as consolidated revenues surged by 31 percent to P6.26 billion.
“Over the years, CLI emerged as a resilient and agile organization, able to surpass crises and headwinds,” company chair and CEO Jose Soberano III said. INQ
