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CLI makes full payment for Negros property

July 12, 2017

From The Freeman

Cebu Landmasters Inc. said it had made full payment for a P53-million property in Negros Oriental ahead of schedule to speed up its project implementation.

In a stock exchange disclosure on Monday, the listed Cebuano developer said it “had already made full payment for the Sibulan-Dumaguete property disclosed in the IPO prospectus.”

“Originally, the full payment had been programmed for the second half of 2017; however, to speed up project implementation, the company decided to complete it ahead of schedule,” the company said in the disclosure.

The property developer said that it had originally planned to pay for the 6-hectare property in Sibulan, Negros Oriental within the second half.

It said the deed of absolute sale for the 6-hectare property was signed last March for a total of P53.03 million.

“This acquisition is in line with CLI’s vision to become the No. 1 local housing developer in Visayas and Mindanao by 2020,” the firm said.

CLI had announced a P12-billion expansion in the Visayas and Mindanao to address the demand for housing, offices and commercial spaces. Presently it has simultaneous development projects in Cebu, Bacolod, Dumaguete, Cagayan de Oro and Davao this year.

In 2016, CLI posted a net income of P702 million from revenues totaling P2.18 billion.

CLI shares were down 0.01 percent to P5.35 in noon market recess yesterday.