CLI to launch 2 more projects
CEBU-BASED property developer Cebu Landmasters Inc. (CLI) is set to launch two more projects in the remaining months of the year: The North Grove at Pristina Town and the first three towers in Manresa Town in Cagayan de Oro City.
The North Grove at Pristina Town is a two-tower upper mid-market project in Cebu with over 1,000 units. This is CLI’s second development in partnership with Ixidor Holdings Inc. under the joint venture Cebu Homegrown Developers Inc.
This residential condo project sits on an 8,284 square meter (sq.m.) lot property just right beside the Pristina North subdivision. It is expected to be turned over in 2029.
Manresa Town in Cagayan de Oro City, on the other hand, is CLI’s second township development in the city. This project sits on a 14.6-hectare property, offering over 900 units.
CLI told the local bourse on Tuesday, Nov. 12, 2024, that it maintains a bullish outlook in the Visayas and Mindanao’s property market. The company reported solid topline performance with consolidated revenues breaching P14.1 billion for the first nine months of the year, a 9.2 percent increase from P12.9 billion in the same period last year, on the back of steady growth across business units.
CLI’s net income to parent grew seven percent to P2.3 billion from P2.2 billion in the same period in 2023.
Its property sales are up by 8.7 percent to P13.8 from P12.7 billion year-on-year, driven by construction progress and commercial lot sales.
In the last nine months, CLI launched P8.2 billion worth of projects with 1,664 residential units, a balanced mix of 57 percent targeted for the mid-market segment while 32 percent is for the economic segment.
New project launches are already 89 percent sold indicating high demand for the company’s products.
“Market absorption for our newly launched developments has been remarkably swift, with several projects selling out almost immediately upon market introduction,” said CLI chairman and chief executive officer Jose Soberano III. “This strong demand underscores that we’re offering well-priced, thoughtfully designed developments that truly meet the needs of our target markets.”
Meanwhile, CLI’s hospitality revenues climbed 52 percent year-on-year to P149 million, driven by the opening of three new properties’ Citadines Bacolod City, lyf Cebu City and The Pad Co-Living which added 617 rooms to CLI’s hospitality portfolio. Leasing revenues, on the other hand, also increased 47 percent to P144 million, with 9,219 sq.m. of new leasable space offered. / KOC
Source: https://www.sunstar.com.ph/cebu/cli-to-launch-2-more-projects?fbclid=IwY2xjawGiRvFleHRuA2FlbQIxMQABHTeUwVY1qfpjWLeVQtLMIS4hRES7JzTc6H4zdioJS7FRcKCcHh7TCFeA0w_aem_oMjuD39kUL90ZMNJR5rbIQ
