CEBU Landmasters, Inc. (CLI) is planning to expand into new cities in the Visayas and Mindanao region this year, starting with projects in Bohol and Iloilo.
“Cebu Landmasters will continue to focus on rolling out projects for the growing VisMin market. We are now moving into new key cities in the region as we expand our developments in existing ones,” Jose R. Soberano III, chief executive officer of CLI, said in a statement.
Aside from projects in Bohol and Iloilo, CLI is finalizing talks to acquire land in the cities of Ormoc, Roxas and General Santos.
The property developer is also in negotiations for a township project in Cagayan de Oro and a 20-hectare property in Mandaue City.
CLI earlier said it is allocating P13 billion for capital expenditures this year, as it plans to launch 29 projects worth P25 billion.
For 2019, the company aims to add 7,517 condominium units, sell 111 hectares of house-and-lot packages, increase hotel rooms to 1,223, and boost total gross leasable area (GLA) to 159,323 square meters (sq.m.).
Mr. Soberano reiterated CLI’s double-digit growth targets for 2019 — consolidated net income at P2.6 billion and net income attributable to parent at P2 billion. The company is targeting a 25% increase in revenues to P8.4 billion this year.
In 2018, CLI reported net income soared 72% to P2.17 billion, while net income to parent also grew 30% to P1.67 billion, on the back of P6.7 billion in revenues.
“We continue to see steady demand for the property company’s developments providing guidance on expected earnings performance,” Mr. Soberano said.
The property company currently has projects in Cebu, Dumaguete, Bacolod, Cagayan de Oro, and Davao.