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Cebu Landmasters’ leasing business has a robust growth of 42% in the first half of the year compared to the same period last year, driven by higher gross leasable area (GLA) following the turnover of new retail areas such as the New Wing of Base Line Center in Cebu City.

Cebu Landmasters, Inc. (CLI), a leading developer in VisMin, has reported a substantial 24% YoY increase in its H1 2024 revenue, soaring from PHP 9.15 billion to PHP 11.31 billion. This impressive growth is attributed to progress across all segments, a one-off lot sale, and an increase in new units qualifying for revenue recognition. Additionally, there has been a significant increase in hotel and leasing revenues.

During the first half of the year, CLI’s remarkable top-line growth resulted in a 24% increase in Parent Net Income, rising from restated figures of PHP 1.37 billion to PHP 1.7 billion. CLI Chairman and CEO Jose Soberano III expressed confidence in sustaining this growth trajectory in the coming years with more projects opening and expansion into new market areas.

CLI’s hotel revenue also experienced a surge with the addition of two new operating hotels in H1. Alongside the fully operational 180-room Citadines Cebu City, CLI opened lyf Cebu City (159 rooms) and The Pad Co-Living (156 rooms). Hotel revenue streams are expected to grow further with the opening of the 200-room Citadines Bacolod City, the largest in Bacolod, which is now receiving MICE bookings.

Cebu Landmasters’ hotel revenue streams are anticipated to grow further with the opening of the 200-room Citadines Bacolod City, the biggest in Bacolod, and is now receiving Meetings, Incentives, Conference and Exhibitions (MICE) bookings.

The company’s leasing business also saw robust growth of 42%, driven by a higher gross leasable area (GLA), now at 40,575 sqm. This growth followed the turnover of new retail areas such as the new wing of Base Line Center, 38 Park Avenue Retail, and Banilad High Street.

To further drive future financial growth, CLI successfully launched four new projects valued at PHP 8.3 billion in H1. These include Tower 6 of The East Village in Davao, Tower 5 of Casa Mira Towers Palawan, Casa Mira Homes Butuan, and Velmiro Heights Davao.

Soberano highlighted the steady demand for their residential projects, as shown by the fast market absorption of their newly launched developments. Demand continues to outweigh supply in the VisMin regions, with their projects selling out within days after market introduction. This is a clear indicator that they are offering a compelling product priced competitively for the right market.

The successful new launches, coupled with sustained demand for CLI projects, resulted in PHP 11.6 billion in reservation sales for the first half of the year, reflecting a 10% increase YoY. Notably, 48% of these sales originated from Davao projects, with 66% attributed to the company’s Garden Series targeting the mid-market. CLI achieved a commendable 94% sell-out rate across all projects at different development stages: 97% for completed projects, 94% for ongoing projects, and 81% for newly launched projects.

Cebu Landmasters’ leasing business has a robust growth of 42% in the first half of the year compared to the same period last year, driven by higher gross leasable area (GLA) following the turnover of new areas such as 38 Park Avenue Retail.

On April 12, CLI raised P4.28 billion through an oversubscribed preferred shares offering. To date, CLI has invested PHP 6.76 billion in capital expenditures, with 67% allocated to project development and 19% to land acquisition. The company is currently finalizing negotiations for land acquisitions to support its strategic expansions into established and new markets.

FAQs

1. What is the YoY revenue increase for Cebu Landmasters in H1 2024?

   • Cebu Landmasters reported a 24% YoY increase in revenue for H1 2024, rising from PHP 9.15 billion to PHP 11.31 billion.

2. What contributed to the revenue increase of Cebu Landmasters?

   • The revenue increase was driven by progress across all segments, a one-off lot sale, an increase in new units qualifying for revenue recognition, and a substantial increase in hotel and leasing revenues.

3. What new projects were launched by Cebu Landmasters in H1 2024?

   • Cebu Landmasters launched four new projects in H1 2024. These include Tower 6 of The East Village in Davao, Tower 5 of Casa Mira Towers Palawan, Casa Mira Homes Butuan, and Velmiro Heights Davao.

4. What is the sell-out rate for Cebu Landmasters’ projects?

   • Cebu Landmasters achieved a 94% sell-out rate across all projects at different development stages: 97% for completed projects, 94% for ongoing projects, and 81% for newly launched projects.