Cebu Landmasters Inc. (CLI) will remain focused on developing housing and commercial spaces as it expands its businesses.
Jose Franco Soberano, CLI chief operating officer, said the company could potentially expand into logistics, cold storage, warehousing, malls and retail spaces, offices, hospitality resorts where it ” had some basic knowledge on their related businesses in residential and housing.”
Soberano said CLI does not plan to go into gaming or industrial real estate.
Late last week, CLI listed with the Philippine Stock Exchange its P4.28 billion preferred shares.
The company offered for sale to the public 5 million preferred shares of Series A-1 and Series A-2 at an offer price of P1,000 apiece, the proceeds of which will be used to finance its ongoing developments.
The preferred shares carry dividend rates of 7.585 percent for the Series A-1 and 8.25 percent for the Series A-2.
Last month, CLI said it plans to spend P14.5 billion this year, up 12.4 percent from the prior year’s P12.9 billion, to continue various realty project.
The company reported a 29 percent increase in profit last year to P4.64 billion from P3.6 billion. Revenues grew 20 percent to P18.8 billion from P15.7 billion.
Real estate sales sales grew 20 percent to P18.5 billion, driven by consistent collections and steady construction progress. Reservations sales hit P20.6 billion, up 14 percent from 2022’s P18 billion.
CLI launched 10 new residential projects last year worth P18.7 billion.
