Cebu Landmasters Inc. (CLI), a leading developer in the Visayas and Mindanao (VisMin) region, reported consolidated revenues of ₱14.1 billion for the first nine months of 2024. This represents a 9.2% increase from ₱12.9 billion during the same period last year, highlighting steady growth across its business units. CLI also posted a 7% rise in net income to the parent, reaching ₱2.3 billion from ₱2.2 billion year-on-year.
Strong Property Sales Drive Revenue Growth
Property sales increased by 8.7%, totalling ₱13.8 billion, driven by construction progress and sales of commercial lots. This growth reflects CLI’s strong demand across residential, mid-market, and economic housing segments.
In the first nine months of the year, CLI launched ₱8.2 billion worth of projects, introducing 1,664 residential units. These launches targeted a balanced market mix, with 57% geared towards mid-market buyers and 32% for the economic segment. Remarkably, 89% of the new projects are already sold out, showcasing the high market demand.
“Market absorption for our newly launched developments has been remarkably swift, with several projects selling out almost immediately,” noted CLI Chairman and CEO Jose Soberano III. “This underscores that we’re offering well-priced, thoughtfully designed developments that meet the needs of our target markets.”
CLI Expands Market Presence Beyond Cebu
CLI’s Garden Series mid-market developments led sales with a 57% share. Regional demand is also shifting, with 56% of sales originating from Mindanao, compared to Cebu’s 23% share. This aligns with the company’s strategic focus on expanding its footprint beyond its core Cebu market.
Two significant projects are set to launch before the year ends:
- The North Grove at Pristina Town in Cebu, featuring over 1,000 upper mid-market units.
- The first three towers of Manresa Town in Cagayan de Oro, part of CLI’s second township development.
Diverse Revenue Streams Bolster Growth
CLI’s diversification strategy is evident in its hospitality and leasing revenues:
- Hospitality revenues surged by 52% year-on-year, reaching ₱149 million. This was driven by the addition of 617 rooms across three new properties: Citadines Bacolod City, lyf Cebu City, and The Pad Co-Living.
- Leasing revenues grew by 47% to ₱144 million, with 9,219 square metres of new leasable space added. High-profile tenants such as Dean & Deluca and Seattle’s Best opened their largest Philippine branches in CLI properties.
The company expects to continue generating steady rental income, with 32,196 sqm of leasable space in its pipeline, including the Astra Centre Lifestyle Mall in Cebu.
Awards and Recognition Cement CLI’s Leadership
CLI’s strong performance has been widely recognized:
- Named the #1 residential developer in VisMin by Colliers Philippines Real Estate Market Study 2024, with market share rising to 19.3% from 15.6% the previous year.
- Received the Best Developer in Mindanao award for the fourth consecutive year at the PropertyGuru Philippines Property Awards.
- Earned a Golden Arrow award for corporate governance for the second consecutive year from the Institute of Corporate Directors.
“We’re deeply honoured by these recognitions,” Soberano said. “Our commitment remains focused on creating sustainable, high-quality developments that resonate with our buyers and contribute to VisMin’s growth.”
Looking Ahead
With robust nine-month results, CLI is poised to maintain its momentum as the year concludes. Its focus on regional expansion, innovative housing solutions, and a strong project pipeline reinforces its leadership in VisMin’s real estate market while unlocking potential growth in Luzon.
Soberano affirmed, “We remain dedicated to delivering thoughtfully designed, well-priced developments that strengthen our foothold in VisMin and beyond.”
Cebu Landmasters Inc. continues to showcase its unwavering commitment to innovation, growth, and sustainable development, solidifying its position as the premier real estate developer in VisMin. ( WITH PR)
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