Cebu Landmasters nears Luzon entry

LISTED real estate developer Cebu Landmasters, Inc. (CLI) is nearing its entry into the Luzon market after acquiring land for a planned condominium project in Metro Manila.

“We will disclose the specific area in due time; we are looking for a vertical development in Metro Manila,” CLI Chief Operating Officer Jose Franco B. Soberano said during a virtual briefing last week.

Mr. Soberano said CLI is also eyeing a housing development in Cavite.

“(Our Luzon expansion is) a mix of vertical development and horizontal projects. We are going to report the specifics soon as we complete the necessary positioning,” he said.

CLI said earlier that it was eyeing to make its Luzon market debut by 2026. The company allotted P12 billion for the first two Luzon projects.

Despite the ongoing condominium oversupply in Metro Manila, Mr. Soberano said that CLI sees opportunities for its projects, touting the country’s population rise and economic growth.

“We see opportunity. We feel that ready for occupancy units are the challenge. However, we have the opportunity to bring a very competitive pre-selling product that allows a buyer to affordably invest over a five-to six-year horizon and plan for home ownership by that time,” he said.

“The oversupply in Manila is concentrated in specific areas. We expect confidence to improve over the next year, as the country continues to grow not only in population but also in income capacity. We are confident that the market will recover,” he added.

Meanwhile, CLI Chief Financial Officer Beauregard Grant L. Cheng said at the same briefing that the company’s projects in Luzon would fall under the affordable segment.

“We’re not looking to build the next luxury condo in Metro Manila. There are more than enough players to do that,” he said.

For 2024, CLI saw an 8% increase in its attributable net income to P3.01 billion as revenue climbed by 4% to an all-time high of P19.53 billion led by strong demand in the Visayas and Mindanao.

CLI shares were last traded on April 16, improving by 0.40% or one centavo to P2.52 apiece. — Revin Mikhael D. Ochave