Cebu Landmasters sets aside P8B for 2018 VisMin projects
FOLLOWING their good financial performance in 2017, homegrown developer Cebu Landmasters Inc. (CLI) is planning to further expand their portfolio of projects.
CEO and President Jose Soberano III said the company has earmarked capital expenditures amounting to at least P8 billion for 2018.
“We are setting aside P8 billion this year to finance our 20 projects in Visayas and Mindanao. But that figure can still change because there may be more projects this year,” Soberano told reporters at the sidelines of Wednesday’s annual stockholders’ meeting of the CLI.
The developer is also foraying into developing estates with two upcoming projects in Davao – The Davao Matina Business Park, and The Paragon Davao.
Davao Matina Business Park is a 20-hectare redevelopment of what used to be the only golf course in Davao City, reminiscent of the Cebu Business Park which also used to be golf course.
Soberano said the project is a joint venture with the owners of the property who are the Huang and Yuson families.
On the other hand, The Paragon Davao is a mixed-use development that is composed of residential towers, internationally-renowned hotels, a convention center, and retail centers.
“In Cebu, we are also eyeing two areas to develop estates but we can’t disclose it yet. One is also 20 hectares within Metro Cebu and the other is a five-hectare property,” he said.
Other upcoming projects of CLI include Astra Centre in Mandaue City, which will house the country’s first Radisson Red Hotel, Baseline Prestige in Juana Osmeña in Cebu City, Casa Mira Towers Guadalupe, Casa Mira Coast in Negros Oriental, Mesavirre Garden Residences in Bacolod City, Velmiro Uptown CDO in Cagayan de Oro, and Citadines Paragon Davao.
In his President’s Report, Soberano disclosed that they have recorded reservation sales amounting to P4.58 billion in 2017, which is a 56 percent increase from 2016 which was at P2.95 billion.
The company’s revenue in 2017 also increased to P3.9 billion from P2.3 billion in 2016 while their net income was at P1.29 billion from the P780 million in 2016.
Soberano said the company closed 2017 with a total of 46 projects in different stages of construction in seven key cities in the Visayas and Mindanao regions.
In 2018, he said they see continued momentum in their growth with the completion of several of its projects.
These include the Baseline Center in Cebu City which include the Baseline headquarters, Baseline Premier, and Citadines Cebu City; the Casa Mira Towers in Labangon; Casa Mira South Cebu Phase 1, and MesaVerte Garden Residences in Cagayan de Oro.
Meanwhile, CLI Executive Vice President and Chief Operating Officer Jose Franco Soberano said they would be a launching a record number of 20 new projects this year.
These would include 12 residential projects encompassing the upscale, mid-market and economic segments; three more offices; two more hotels; one industrial park; and one central business district.
“Our decision to diversify our portfolio many years ago is paying dividends today, as we are able to tailor-fit different products to the demand opportunities and supply gaps in each market,” the younger Soberano said.
When CLI started in 2013, he said they were focused on housing. It expanded into condominiums in 2010, and office spaces in 2013.
From seven cities, the developer is also expanding their presence in four more cities – General Santos, Butuan, Ormoc, and Roxas – in 2018.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.