November 22, 2017, 3:16 pm
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SEC OKs realtor’s IPO

The Securities and Exchange Commission has approved the P3.33 billion initial public offering plans of realtor Cebu Landmasters Inc., (CLI). 

CLI is offering to sell 508 million common shares  at an offer price of up to P6.56 per share. 

“This represents up to 34 percent of the company’s outstanding common shares, post-IPO,” the company earlier said.

“Of the firm shares, 430 million are new shares forming the primary tranche, while 75 million are existing shares forming the secondary tranche. The 75 million shares from the greenshoe will be from existing shareholders,” it added.

Part of the proceeds will also be used for debt repayment and working capital requirements.

BDO Capital serves as the sole issue manager  while it will be joined by BPI Capital as joint lead underwriters and joint bookrunners.

CLI is the first Cebu-based real estate developer to apply for an IPO and the leading local real estate developer in the Metro Cebu residential condominium arena. It accounts for 11 per cent market share of the total supply of residential condominium units in Metro Cebu, second only to Ayala Land, according to a market study by CBRE Philippines (now Santos Knight Frank).

CLI earlier said it has committed to spend P12 billion in the next two years to grow its business, funding developments in the residential, commercial, and hotel ventures in Visayas and Mindanao. 

“Majority of the project will consist of over 7,000 economic housing units ranging from P800,000 to P1.7 million in the provinces of Dumaguete, Cebu, and Bohol, and in the cities of Iloilo and Bacolod. The firm will also launch mid-end units ranging from P1.8 million to P5 million in Metro Cebu, Cagayan de Oro, and Davao City; premier residential units about P5 million in Cebu City; two-mixed use communities in Davao City; and two hotel projects in Metro Cebu,” said Jose Soberano III, CLI president.

Francis Soberano, CLI chief operating officer, said the company is setting its sights on the VisMin region where it has the capacity to win. 

“Where there is high demand for value and quality developments, and where there are still opportunities for growth,” said Soberano. 

It currently has a landbank of 630,824 square meters. 

Soberano said the company closed 2016 with profits of P702 million over revenues of P2.18 billion, out of constructing mostly economic housing and mid-end projects in Cebu including two of the fastest selling residential condominiums in Cebu as related by a CB Richard Ellis study. 

The company remains optimistic of its prospects in the property sector amid a continuously growing economy. 

The past six years saw, the mostly affordable Cebu-based housing developer CLI diversify its portfolio to include high-end residential and office developments in Cebu’s key central business districts like the Cebu IT Park. 

The company is currently constructing a mixed-use development in Cebu City that will be anchored by a 180-room Citadines Cebu City, a hotel that will be managed by Ascott Limited. It is set for completion by 2019.
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