VisMin developer Cebu Landmasters, Inc. (CLI) is launching ₱36.4 billion worth of projects this year, 1.7 times more than last year’s ₱13.67 billion, as it aims to surpass its record revenues generated in 2024.
"Encouraged by our 2024 turnout, CLI is set to roll out 10 to 12 new projects…having a mix of ongoing developments and new ventures in emerging markets and locations,” said CLI Chairman and CEO Jose R. Soberano III.
He added, “These launches aim to build on CLI’s regional momentum and capture opportunities in underserved markets. 2025 is a critical stage as we move into bigger-scale residential and township developments and ramp up our recurring income projects."
CLI President and COO Jose Franco Soberano said in a briefing that they are increasing capital expenditures slightly by 7.3 percent to ₱13.83 billion this year from ₱12.89 billion in 2023.
The bulk of ₱10.16 billion or 73.4 percent of the capex this year will be allotted for residential developments, ₱2.57 billion or 18.5 percent for lot acquisitions, and ₱1.11 billion or eight percent for investment properties.
"CLI continues to invest in projects that deliver quality and value for money, meeting the changing needs of our markets. Our foundation remains strong, and we're well-positioned for continued growth. Our proven track record, strategic pipeline, and deep roots in VisMin power our momentum as we expand across the country," Soberano noted.
CLI capped 2024 with an eight percent improvement in attributable net income to ₱3.01 billion from ₱2.8 billion in 2023 on the back of record consolidated revenues of ₱19.5 billion, a four percent growth from ₱18.8 billion in the prior year.
According to CLI Chief Finance Officer Grant Cheng, the growth was fueled by solid performance in its core business segments and its growing market share as the real estate leader in the Visayas and Mindanao regions.
The company's property sales showed steady growth, with a five percent increase to ₱17.3 billion from ₱16.5 billion, showing its continued capability to grow its topline.
On the other hand, recurring income grew by 50 percent to ₱467 million, driven by the hospitality segment's 74 percent jump in revenues from ₱139 million to ₱241 million.
Ongoing and new projects remained in high demand throughout the year, reaching a strong 92 percent sell-out rate driven mainly by CLI’s mid-market and economic brands. Casa Mira (33 percent) and the Garden Series (54 percent) together accounted for 87 percent of total residential sales.
Following its plan to build stable long-term income, CLI opened its fourth hotel, Citadines Bacolod City. With six more hotels being developed, the company aims to expand its hospitality portfolio to 10 hotels with over 1,900 rooms, taking advantage of the region's growing tourism industry.
Rental income also showed significant growth, increasing by 45 percent to ₱162 million from ₱112 million last year. This growth is attributed to attractive leasing spaces that have drawn global brands.
The company’s continued investment in recurring income projects sets forth a foundation for its eventual Real Estate Investment Trust (REIT) offering that will unlock enhanced value from its growing hotel and rental properties.