New Globe Towers Power Local Commerce and Economic Growth in Cebu

Prominent VisMin developer, #CebuLandmasters Inc. (CLI), reported sustained growth as it delivered 16,282 housing units to the market by 2023. In its pursuit of growth and profitability, CLI has consistently provided value to its shareholders, disbursing PHP 2.5 billion in dividends since its IPO, with an additional PHP 0.18 per share declared and paid this year.

“CLI has evolved into a resilient and agile organization over the years, overcoming crises and challenges,” said CLI Chairman and CEO Jose Soberano III during the company’s hybrid annual stockholders meeting on June 4 in Citadines Cebu City. “From a single housing project in Balamban, Cebu, CLI now boasts 119 projects across the Philippines by the end of 2023, while our net income experienced a 24% CAGR in 7 years, growing from PHP 778 million to PHP 3.58 billion,” Soberano emphasized.

In 2023, CLI maintained its market leadership with the launch of ten projects valued at PHP 18.7 billion, including the newly introduced Mirani brand offering housing units priced from PHP 1.90 million to PHP 2.90 million for the affordable market segment. The company achieved impressive sales performance, reaching PHP 20.6 billion in reservation sales, with a 93% sell-out status of all projects.

The publicly listed company also broadened its hospitality portfolio by inaugurating 3 hotels, now boasting over 1,500 room keys with 6 more hotel projects in progress. This dedicated investment in the tourism industry is set to fuel future revenue growth and enhance cash flow profile, while adding value to CLI’s existing projects where synergies are created.

In its follow-on offering of preferred shares last April, CLI raised over PHP 4.28 billion, exercising 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., showcasing CLI’s adherence to international standards in its developments.

CLI continues to prioritize community-building initiatives through the Cebu Landmasters Foundation, Inc. (CLFI). Through CLFI, the company offers socialized housing and integrated support to informal settlers in collaboration with local government units, demonstrating its commitment to addressing housing backlog and improving the lives of partner communities. CLFI also launched programs for farmer beneficiaries, providing them with livelihood opportunities and partnering with them in environmental activities.

“We aim to cultivate stronger partnerships with local communities and establish more strategic alliances, fostering mutually beneficial relationships that support sustainable growth and development across the country,” Soberano stated.

 

CLI’s strategic investments in capital projects totaled PHP 12.89 billion in 2023, with 81.7% spent on project development and 6% on land acquisition. An additional PHP 14.5 billion is allocated for capital expenditure for 2024, with a continued focus on project development and completion, to ensure delivery on sold units. CLI has also earmarked PHP 27.65 billion in 2024 for pipeline projects in expansion areas in Butuan, Gensan, and its maiden project in Luzon.

FAQs

1. What was CLI’s financial performance in 2023? CLI had a strong financial performance in 2023, with a 29% year-on-year increase in consolidated net income to PHP 4.64 billion and a 20% growth in consolidated revenue to PHP 18.8 billion.

2. How many housing units did CLI deliver in 2023? CLI delivered 16,282 housing units to the market in 2023.

3. What is CLI’s plan for 2024? CLI has allocated PHP 27.65 billion for pipeline projects in expansion areas in Butuan, Gensan, and its maiden project in Luzon in 2024.

4. What community-building initiatives does CLI engage in? Through the Cebu Landmasters Foundation, Inc., CLI provides socialized housing and integrated support to informal settlers in collaboration with local government units. They also launched programs for farmer beneficiaries, providing them with livelihood opportunities and partnering with them in environmental activities.

5. What new projects did CLI launch in 2023? CLI launched ten projects valued at PHP 18.7 billion in 2023, including the newly introduced Mirani brand offering housing units priced from PHP 1.90 million to PHP 2.90 million for the affordable market segment.