LISTED PROPERTY developer Cebu Landmasters, Inc. (CLI) said its attributable net income rose by 8% to P3.01 billion in 2024 from P2.8 billion in 2023, as demand for its projects increased.
Consolidated revenue rose by 4% to an all-time high of P19.53 billion from P18.82 billion in 2023, fueled by strong demand in the Visayas and Mindanao, CLI said in a regulatory filing on Tuesday.
Property sales climbed by 5% to P17.3 billion, while recurring income surged by 50% to P467 million, lifted by a 74% increase in revenue from the hospitality segment to P241 million.
CLI said its ongoing and newly launched residential projects reached a 92% sell-out rate, led by its economic housing brand Casa Mira and mid-market brand Garden Series.
Rental income rose by 45% to P162 million on increased leasing activity, with global brands such as Seattle’s Best Coffee and Dean & DeLuca among its tenants.
CLI Chairman and Chief Executive Officer Jose R. Soberano III said the company plans to launch 10 to 12 projects this year with a total sales value of P36 billion.
If realized, this would represent a significant increase from the five projects worth P13.67 billion launched in 2024.
“Encouraged by our 2024 turnout, CLI is set to roll out 10 to 12 new projects this year worth P36 billion in sales value, comprising a mix of ongoing developments and new ventures in emerging markets and locations,” Mr. Soberano said.
“These launches aim to build on CLI’s regional momentum and capture opportunities in underserved markets. 2025 is a critical stage as we move into bigger-scale residential and township developments, and ramp up our recurring income projects,” he said.
In a separate virtual briefing, CLI Chief Operating Officer Jose Franco B. Soberano said the upcoming launches will be in the Visayas and Mindanao.
“These will include the two towers that are part of our partnership with Japan’s NTT UD Asia Pte. Ltd. We also have our first housing development in General Santos launching soon, expansion areas in our Bogo City development in Cebu, and the West Village, another offering in our Davao Global Township,” he said.
Citing industry data, CLI said it accounted for 19.3% of the overall residential market in the Visayas and Mindanao, up by 3 percentage points from 2023.
CLI said last month that it would allocate approximately P15 billion for capital expenditures this year as the company grows its portfolio.
CLI shares fell by 0.4%, or one centavo, to P2.51 apiece on Tuesday. — Revin Mikhael D. Ochave