CEBU Landmasters, Inc. (CLI) reported that it had fully used up the P2.15 billion raised after the company’s initial public offering (IPO) last year, bringing its land bank of properties to almost a million square meters.
In a disclosure to the stock exchange on Wednesday, the listed property developer said around 70% of the funds went to the acquisition of land. Majority of the properties are located in Mindanao at 41%, while 33% are in Visayas and the 26% balance are in Cebu.
“Cebu Landmasters is committed to the fast turnaround strategy of the company. We have developed 420,573 sq.m. of our land bank after IPO. We now have 52 projects in various developments and we’ve already expanded to eight key cities in VisMin,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement.
The Cebu-based firm now has a total of 52 projects in various stages of construction located across Cebu, Mandaue, Cagayan de Oro, Davao, Bacolod, Dumaguete, Iloilo and Bohol.
Among CLI’s recent projects is the P3.6-billion Astra Centre, a mixed-use property located on a 1.2-hectare lot in Mandaue City, Cebu. Astra Centre will house residential towers, office spaces, a boutique mall, and hotel carrying the Radisson RED brand. The company looks to finish the first phase of the project in the fourth quarter of 2021.
CLI is also scheduled to launch a new mixed-use project and business district in Davao City in the following months.
The company expanded its net income by a third to P826 million in the first six months of 2018, as revenues surged by 45% to P2.6 billion. CLI targets to continue its growth momentum for the rest of the year, aiming for a full-year net income of P1.7 billion on the back of P5.3 billion in revenues.
To further support its expansion, CLI raised P5 billion from the issuance of corporate notes in July. The capital will be used to finance properties in Cebu, Dumaguete, Bacolod, Cagayan de Oro and Davao, among other sites.
Shares in CLI gained 1.6% or seven centavos to close at P4.45 each at the stock exchange on Wednesday. — Arra B. Francia