CEBU Landmasters, Inc.’s (CLI) 25 projects for the year are projected to grow the business’s foothold in additional significant Visayas-Mindanao (Vis-Min) cities, the firm stated on Thursday.
“Our 2021 projects will extend our Vis-Min footprint into places such as Ormoc, Bohol, Bacolod, Dumaguete, and Iloilo, while also consolidating our market share in Cebu and Cagayan de Oro, where we have a strong presence,” Jose R. Soberano III, chairman, president, and chief executive officer of CLI, said in a statement.
Around 15 of these projects, totaling P19 billion, are classified as economic and mid-market residential.
CLI also expressed confidence in its ability to finish its existing residential development projects and 33 more ones now under development, which include mixed-use buildings, hotels, and townships. The bulk of them are projected to reach revenue recognition maturity by the end of the year.
The business said at its annual shareholders meeting that it launched two new developments in Cebu in the first quarter and presently has 12 projects under construction and 22 finished in the region.
“Cebu, as our home base, continues to be our largest market, accounting for 60% of our projects,” Chief Operating Officer Jose Franco B. Soberano said. “However, we are really delighted to have expanded into 15 more significant locations over the previous decade.”
The corporation budgeted P12 billion for capital expenditures (capex) this year, with P1.65 billion already spent from January to March.
CLI signed a P3 billion note facility deal with BPI Investment Management, Inc. earlier this month to help support its expenditure for the construction of new projects.