CLI to launch P19B projects this year

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    Cebu Landmasters Inc. eyes to launch 15 projects this year worth P19 billion, with an estimated 7,500 housing units.

    It plans to spend P12 billion as capital expenditure that will be spent on landbank and agoing development.

    Cebu Landmasters said profit last year reached P1.85 billion, down 8 percent from the prior year’s P2.01 billion.

    Revenues reached P8.3 billion, down 2 percent from 2019’s P8.5 billion.

    The company said it has improvements seen in the latter part of 2020 when the lockdown measures were eased slightly.

    “We have learned much from this pandemic and (we) look forward to offering safe and healthy homes and communities to address not only the great housing backlog in VisMin (Visayas and Mindanao) but also what families really need,” said Jose Soberano, Cebu Landmasters chairman.

    Soberano said the company’s topline grew 18 percent between fourth quarter and third quarter at P2.59 billion compared with P2.2 billion.

    Reservations sales hit P14.25 billion, up 12 percent from P12.67 billion in 2019.

    The company’s economic housing brand Casa Mira accounted for 69 percent of sales; mid-market Garden Series, 19 percent; and high-end Premier Masters, 10 percent.

    “Strong sales takeup also resulted in unbooked revenue of P20.4 billion,” Cebu Landmasters said.

    “There is a real estate boom and a global trend towards safer and healthier homes. With Cebu Landmasters’s agility, we’re able to take advantage of this new kind of demand,” said Soberano.

    Cebu Landmasters added 4,300 homes to its inventory. It has nine projects worth P11.4 billion.

    “Newly launched projects were 71 percent sold by the end of 2020,” the company said.

    Soberano said the company is expected to resume its growth trajectory, targeting 15 percent to 20 percent growth.