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Manila Bulletin devider Business devider Cebu Landmasters sets P13-B capex

Cebu Landmasters sets P13-B capex

Published Jun 7, 2022 02:35 pm

VisMin developer Cebu Landmasters, Inc. (CLI) is allotting P13 billion for capital expenditures this year, slightly higher than the P9.6 billion earmarked in 2021 as it plans to launch 21 new projects worth P31.5 billion.

During the firm’s annual stockholders’ meeting, CLI Chairman and CEO Jose R. Soberano III said CLI’s growth trajectory in 2022 will be supported by a landbank of 103 hectares valued at P12 billion.

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As in 2021, he said “CLI will continue in 2022 to expand to new business segments, deepen our investments in the Visayas and Mindanao regions while strengthening internal systems to achieve its growth guidance of 20 percent (revenues and profit).”

Among the focal points of CLI’s expansion plans are three townships now under development led by the 22-hectare Davao Global Township (DGT) which will soon launch the fourth tower of its first residential project as well as start the sale of lots this year.

Planning and development is likewise underway on the 14.3-hectare property in Cagayan de Oro acquired from Xavier University and envisioned to be a mixed-use university town.

Reclamation works have also begun on the 100-hectare Minglanilla Techno Business Park in Cebu which is envisioned to be a regional growth center.

“We are preparing the required capital for these plans with a deliberate and prudent approach to raising funds in order to accomplish our objectives in a sustainable way,” said CLI Chief Finance Officer Beauregard Cheng.

He added that, “We are working on capital raising plans for both equity and debt that are complementary to our growth strategies, that will enhance and offer an attractive proposition to existing shareholders, and will improve our credit fundamentals and leverage ratios.”

In the first quarter of 2022, CLI reported a 13.6 percent growth in net income to P810 million from the P713 million earned in the same period last year.

Revenues rose 53 percent to P3.56 billion from P2.3 billion in the first quarter of 2021 with all business units registering strong growth. Sales take-up also jumped 36 percent to P4.5 billion from P3.3 billion.

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