Cebu Landmasters Inc. (CLI) is gearing up for more launches before the end of the year as demand for affordable residential units in Visayas and Mindanao remains strong.
CLI chairman and chief executive officer Jose Soberano III said the market is quick to absorb its newly launched developments with several projects selling out almost immediately upon market introduction.
“This strong demand underscores that we’re offering well-priced, thoughtfully designed developments that truly meet the needs of our target markets,” Soberano said.
The two new projects slated for launch before end 2024 are the North Grove at Pristina Town, a two-tower upper mid-market project in Cebu with over 1,000 units, and the first three towers in Manresa Town in Cagayan de Oro, which is CLI’s second township.
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.
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.
As a result CLI;s net income reached P2.3 billion in the first nine months of t by 7 percent in the first nine months of the year, reaching P2.3 billion, compared to P2.2 billion in the same period last year, supported by growth in both core business and recurring income streams.
Consolidated revenues of P14.1 billion for the first nine months of 2024, reflecting a 9.2 percent year-on-year increase from P12.9 billion.
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.
