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Cebu Landmasters eyes further expansion through 25 projects

May 28, 2021

CEBU Landmasters, Inc.’s (CLI) 25 projects for the year are expected to expand the company’s footprint to other key cities in the Visayas-Mindanao (Vis-Min) region, the company said on Thursday.

“Our 2021 projects will expand our Vis-Min footprint to cities like Ormoc, Bohol, Bacolod, Dumaguete, Iloilo and other key cities in the region while further strengthening our market share in Cebu and Cagayan de Oro where we have established a strong presence,” Jose R. Soberano III, chairman, president, and chief executive officer of CLI, said in a statement.

Around 15 of these projects, valued at P19 billion altogether, are under the company’s economic and mid-market residential segments.

CLI also said it is confident it can complete its ongoing residential development projects as well as 33 more currently in the works, including mixed-use developments, hotels, and townships. The majority of these are expected to mature for revenue recognition before yearend.

The company said during its annual stockholders’ meeting that it launched two new developments in Cebu during the first quarter, and it currently has 12 projects under construction and 22 have been completed in the area.

“Cebu remains to be our biggest market being our home base with 60% of our projects in Cebu,” Chief Operating Officer Jose Franco B. Soberano said. “But we’re very proud to have diversified into 15 other key cities in the last 10 years.”

This year, the company earmarked P12 billion for capital expenditures (capex), with P1.65 billion already spent during the January-to-March period.

CLI entered a P3-billion note facility agreement earlier in the month with BPI Investment Management, Inc. to partially fund its capex, which will be used for the development of its new projects.

On Thursday, shares of CLI at the stock market went up by 2.02% to close at P7.06 each. — Keren Concepcion G. Valmonte

Published in BusinessWorld