CLI sets record P1.7-B record H1 profit
Soberano family-led developer Cebu Landmasters Inc. (CLI) saw profits balloon by 24 percent to a record P1.7 billion in the first six months of the year as hotel and leasing revenues surged.
CLI on Tuesday said its top line likewise swelled by 24 percent to P11.31 billion, another record high for the Visayas and Mindanao-focused developer.
“Cebu Landmasters is poised to sustain this growth trajectory over the next few years with more projects opening in the coming months and as we further expand to new market areas,” CLI chair and CEO Jose Soberano III said in a statement.
The developer also noted that its two new hotels — the 159-room lyf Cebu City and 156-room The Pad Co-Living — contributed to the growth in hotel revenues. CLI has yet to disclose its financial statement.
CLI also recently launched the 200-room Citadines Bacolod, the biggest hotel in the city, that is expected to further boost hotel revenues.
Meanwhile, leasing revenues likewise surged by 42 percent, following the turnover of new retail areas, with the gross leasable area now totaling 40,575 square meters.
CLI has so far launched four projects worth a total of P8.3 billion in the first half, two of which are in Davao City, one in Palawan and another in Butuan City.
“There has been steady demand for our residential projects as shown by the fast market absorption of our newly launched developments,” Soberano said, adding that demand continued to “outweigh supply” in the Visayas and Mindanao.
In the first half, reservation sales grew by a tenth to P11.6 billion, 48 percent of which originated from Davao projects.
CLI reached a 94-percent sellout rate across all projects.
Last month, the company cashed in P2.7 billion from selling all 362 units in Velmiro Heights Davao City that will sit within an 11.52-hectare lot in Barangay Magtuod.
It also recently partnered with Martinez Agricultural Corp. (MAC), which also has interest in realty, to launch a new joint venture company that would focus on developing a new residential project in Cebu City.
CLI said this entailed a P373.59-million investment.
The Soberano-led firm will own 60 percent of the joint venture, while MAC will hold a 40-percent stake.
