MANILA, Philippines — Property developer Cebu Landmasters Inc. (CLI) is replenishing its inventory with more than 11 projects worth around P25 billion scheduled for launch within the second half.
The planned launches, comprising over 5,600 units, span established and emerging growth markets, including Cebu, Mactan, Ormoc, Butuan, Davao and Panglao.
“We will come out swinging in the second half. We are very bullish on the second half with the goal of helping the industry,” CLI president and CEO Jose Franco Soberano said.
CLI maintained broadly stable revenues and healthy margins in the first half as the timing of new project launches shifted to the second half.
The company reported consolidated net income of P2 billion during the period, lower than the previous year’s P2.49 billion, reflecting shifting project launch schedules and revenue recognition, as well as a higher comparative base.
Revenues slipped by one percent year-on-year to P10.2 billion, while real estate sales inched down by two percent to P9.7 billion, largely reflecting the timing of licenses to sell approvals that shifted planned project launches and the release of fresh inventory in the second half.
Leasing revenues, however, jumped by 49 percent year-on-year to P162 million, driven by newly operational commercial assets, an expanding tenant base and the opening of The Paragon Davao Lifestyle Mall.
Hotel revenues also grew by 15 percent year-on-year to P231 million, supported by higher occupancy and additional room inventory following the opening of Radisson RED Cebu Mandaue in the first quarter.
Soberano said CLI’s first half results demonstrated the resilience of its core business.
“Despite the timing shift in new launches, revenues remained broadly stable, margins stayed healthy and recurring income continued to grow,” Soberano said.
“With limited fresh inventory, our teams sustained sales across our existing portfolio, reflecting continued demand for our residential projects. This gives us confidence as we bring more projects to market in the second half,” he said.
Beyond replenishing the company’s residential pipeline, Soberano said CLI is preparing to launch two new estates, deepen its presence across its core Visayas and Mindanao markets, and take its first steps into Luzon.
“Together with our expanding recurring income businesses, these give us multiple platforms to sustain CLI’s growth over the longer term,” he said.