CLI to launch P10.6-billion projects in Q4

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Cebu Landmasters, Inc. is launching the mixed-use development Astra Centre. -- CEBU LANDMASTERS

CEBU LANDMASTERS, Inc. (CLI) will be launching P10.61 billion worth of projects in the last quarter of 2017 as it further expands its presence in the Visayas and Mindanao regions.

In a statement issued on Thursday, the Cebu-based property developer announced the projects will consist of a mix of residential and hotel developments. This will bring the value of the company’s launched projects in 2017 to P17.7 billion, after unveiling P7.09 billion worth of projects in the first half of the year.

“The real estate market in the Visayas and Mindanao continues to thrive. Our vertical and horizontal project launches are proudly spread out across the most progressive markets in the region. Our expansion to these key VisMin cities of Cagayan de Oro, Davao, Bacolod, Iloilo, and Dumaguete is a strong indication of our positive outlook,” CLI Chief Operating Officer Franco B. Soberano said in a statement.

For the hotel development, CLI will be launching a 150-room hotel targeting millennial travelers, as well as Astra Centre, a mixed-use development that will have a hotel, condominium units, offices, and a mall.

The expansion in the residential segment will be done through the addition of 2,433 housing units under its economic housing brand, Casa Mira. These will be located in Sibulan, Negros Oriental; Iloilo City; Bacolod; and Cebu City, pushing the number of units under the brand to over 7,000. 

CLI’s mid-end housing segment MesaVierre Garden Residences, which offers garden-inspired amenities will also be entering Bacolod City by the end of the year. Velmiro Heights, which is currently present in Minglanilla in Cebu, will be replicated in Cagayan de Oro.

The company, led by real estate veteran Jose R. Soberano III, further announced its establishment of Cebu Landmasters Property Management, Inc. (CLIPM), a wholly owned subsidiary that will oversee the management of its developed properties.

While CLI has been managing its horizontal developments since 2003, the property management function of the its condominiums was previously handled by third party operators until July.

“We formed CLIPM to strengthen our commitment and fulfill our promise to nurture our CLI communities even after the turnover of the units… Now all our vertical projects will be managed by CLI as well. This is a value-added service that we will work very hard to deliver, and this is the very embodiment of ‘building with you in mind,’” the CLI chief operating officer said.

He added the unit looks to have 50 employees by the end of the year.

CLI’s net income attributable to the parent soared 164% to P633 million in the first half of 2017, as revenues likewise jumped 105% to P1.81 billion for the period.  

Shares in CLI shed four centavos or 0.79% to P5.05 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia