CLI delivered over 16,000 houses in 2023

CEBU, Philippines — Publicly-listed developer Cebu Landmasters, Inc. (CLI) delivered a total of 16, 282 housing units to the market as of 2023, contributing to the country’s goal of minimizing the housing backlog.

During the company’s Annual Stockholders Meeting 2024 held at Citadines Cebu City on June 4, CLI chairman and chief executive officer (CEO) Jose Soberano III reported CLI’s continued growth, from starting with one housing project in Balamban western Cebu, to establishing 119 projects spread all over the Philippines by the end of 2023, while its net income grew 24 percent CAGR (compound annual growth rate) in seven years from P778 million to P3.58 billion.

“Over the years, CLI emerged as a resilient and agile organization, able to surpass crises and headwinds,” Soberano told stockholders.

CLI continues its market leadership in 2023 with the launch of 10 projects valued at P18.7 billion, including the newly introduced Mirani brand with housing units priced from P1.90 million to P2.90 million for the affordable market segment.

The company posted stellar sales performance reaching P 20.6 billion in reservation sales, with a 93 percent sell-out status of all projects.

The Cebu-based listed firm also expanded its hospitality portfolio by opening three hotels and now boasts more than 1,500 room keys with six more hotel projects underway.

“This committed investment in our tourism industry is poised to drive future revenue growth and improve our cash flow profile, all the while enhancing CLI’s existing projects where value synergies are created,” he added.

In its follow-on offering of preferred shares last April, CLI raised over P4.28 billion having to exercise its oversubscription option to meet demand. The company also announced its first international partnership with the Japanese mega conglomerate NTT, through CLI NUD Ventures Inc., a testament to how CLI is meeting international standards in its developments.

A strong priority of CLI remains its commitment to community-building initiatives through the Cebu Landmasters Foundation, Inc. (CLFI).

Through CLFI, the company provides socialized housing and integrated support to informal settlers in collaboration with local government units, demonstrating its dedication to addressing the housing backlog and uplifting the lives of partner communities. CLFI also mounted programs for farmer-beneficiaries, providing them with livelihood opportunities and partnering with them in environmental activities.

“We will foster stronger partnerships with local communities and form more strategic alliances, creating mutually beneficial relationships that support sustainable growth and development across the country,” said Soberano.

CLI’s strategic investments in capital projects totaled P12.89 billion in 2023, with 81.7 percent spent on project development and six percent on land acquisition.

An additional P14.5 billion is allocated for capital expenditure for 2024, with a sustained focus on project development and completion, to complete delivery on its sold units.

CLI has also earmarked P27.65 billion in 2024 for pipeline projects in expansion areas in Butuan, Gensan, and its maiden project in Luzon.

The company has consistently delivered value to its shareholders, distributing P2.5 billion in dividends since its IPO(initial public offering) with an additional PHP 0.18 per share declared and paid this year.