Cebu Landmasters launches P2.88-B tower

Cebu Landmasters Inc. (CLI) has launched a P2.88-billion premium residential tower in Cebu City.

The 20-storey development, dubbed Alto Ranudo, will offer 389 studio and one-bedroom units, premium amenities and commercial spaces.

“As we design a residence that feels distinctly Cebuano while responding to how people want to live in the city today, we remain focused on developments that cater to local preferences and create lasting value for our customers and shareholders,” CLI president and CEO Jose Franco Soberano said in a statement on Wednesday.

The project is part of the company’s P25-billion project pipeline meant to replenish CLI’s inventory following a successful 95 percent sell-out rate in its residential segment.

“Strong take-up across our portfolio gives us confidence to bring fresh inventory into markets where we continue to see genuine housing demand,” Soberano said.

The company’s consolidated earnings, however, declined to P2 billion from P2.49 billion a year ago.

CLI said the figure reflected the timing of project launches and revenue recognition as well as a higher comparative base.

See Also

GCash future-proofs MSMEs with customer-first payment innovation

Total revenues likewise ended nearly flat at P10.2 billion, while real estate sales fell by 2 percent to P9.7 billion.

The decline was blamed on the timing of licenses to sell approvals, which pushed some planned project launches and the release of fresh inventory into the second half.

“We see the first half largely as a timing shift. As approvals come through and fresh inventory returns to the market, we are well positioned to carry this strong underlying demand into our next phase of growth,” Soberano said earlier.