Leading VisMin developer Cebu Landmasters Inc. (CLI) reported a seven percent improvement in attributable net income to P2.3 billion in the first three quarters of 2024 from the P2.2 billion earned in the same period last year.
In an online media briefing from Cebu, CLI Executive Vice President and COO Jose Franco B. Soberano said consolidated revenues reached P14.1 billion for the first nine months of the year, a 9.2 percent increase from P12.9 billion in the same period last year, on the back of steady growth across business units.
Property sales were up by 8.7 percent to P13.8 from P12.7 billion year-on-year, driven by construction progress and commercial lot sales.
In the last nine months, CLI launched P8.2 billion worth of projects with 1,664 residential units, a balanced mix of 57 percent targeted for the mid-market segment while 32 percent is for the economic segment. New project launches are already 89 percent sold-out, indicating high demand for the company’s products.
“Market absorption for our newly launched developments has been remarkably swift, with several projects selling out almost immediately upon market introduction,” said CLI Chairman and CEO Jose Soberano III.
He noted that “this strong demand underscores that we’re offering well-priced, thoughtfully designed developments that truly meet the needs of our target markets.” CLI’s mid-market Garden Series has the highest share at 57 percent of total sales.
In terms of location, around 56 percent of sales originated from Mindanao, while Cebu accounts for 23 percent of reservation sales. This shift in sales take-up to key areas in the region is aligned with the company’s strategy to strengthen foothold beyond CLI’s core market in Cebu.
“We are set to launch two more projects in the remaining months of the year: The North Grove at Pristina Town, a 2-tower upper mid-market project in Cebu with over 1,000 units; and the first three towers in Manresa Town in CDO, which is CLI’s second township,” added Soberano.
Meanwhile, CLI’s hospitality revenues climbed 52 percent year-on-year to P149 million, driven by the opening of three new properties—Citadines Bacolod City, lyf Cebu City, and The Pad Co-Living—which added 617 rooms to CLI’s hospitality portfolio.
This expansion supports CLI’s diversification and meets the increasing demand for quality accommodations in Visayas and Mindanao.
Leasing revenues also increased 47 percent to P144 million, with 9,219 sqm of new leasable space offered. With 32,196 sqm of leasable space in the immediate pipeline, including the Astra Center Lifestyle Mall in Cebu, CLI said it is well-positioned to generate steady rental revenue from high-traffic, strategic locations.
With strong nine-month results and a growing portfolio driven by regional demand, CLI Chief Financial Officer Grant L. Cheng said the firm is well positioned to continue its momentum heading into the year-end.
Its focus on regional expansion, diverse housing solutions, and a robust project pipeline solidify its leadership in VisMin’s real estate market, with potential for growth in Luzon.