Cebu Landmasters Inc. has been actively reshaping the landscape of Visayas and Mindanao (VisMin) with its growing market presence. Based on the Colliers Real Estate Market Study, the company has secured a 19.3 percent share of the net sales take-up in the VisMin residential market. This growth, up f...
Cebu Landmasters expands its reach beyond Visayas and Mindanao, now setting its sights on Luzon! With established expertise and numerous successful developments in key cities, Cebu Landmasters aims to bring its well-known quality and community-centric approach to Luzon’s real estate landscape. This expansion signals exciting new opportunities for those looking to invest in thoughtfully designed residential and commercial spaces. Discover what Cebu Landmasters has planned as it steps into the Luzon market: https://plus.inquirer.net/property/cebu-landmasters-sets-sights-on-luzon/
Cebu Landmasters 2023 net income up 29%, offers preferred shares, and announces first ever international partnership
CLI announces another year of strong financial performance, with 29% increase in Consolidated Net Income.
CLI starts public offer for its preferred shares.
CLI signs a joint venture agreement with global Japan-based real estate firm NTT UD Asia Pte. Ltd. (NTTUDA), to form CLI NUD Ventures, Inc. and to develop a PHP 6.4B two-tower, Japanese-inspired residential development in the heart of Cebu IT Park.
Leading developer in Visayas and Mindanao Cebu Landmasters Inc. (CLI) posted a 29% increase in consolidated net income year-on-year, to PHP 4.64 billion. CLI also recorded significant growth in net income to its shareholders, up by 13% to PHP 3.58 billion from last year’s PHP 3.17 billion. The growth is attributed to a solid 20% increase in consolidated revenue, reaching PHP 18.8 billion across all revenue streams mainly from real estate sales revenues, and also includes hotel operations, and leasing.
This is on the back of strong demand for the listed company’s residential properties and its diverse and dynamic business portfolio.
Revenue from real estate sales maintained an upward trajectory, rising 20% to PHP 18.5 billion, driven by consistent collections and steady construction progress. Record-breaking reservations of PHP 20.6 billion was also achieved, marking a 14% increase from 2022’s PHP 18 billion. This adds to our pipeline of future revenues.
The listed company launched 10 new projects in 2023, with a collective value of PHP 18.7 billion and offering 4,249 units. These projects achieved an impressive 63% sell-out rate with less than a year in the market. Completed projects are already 97% sold-out, resulting in the blended total portfolio sell-out rate of 93%.
CLI's recurring income projects, particularly hotel operations and leasing, also saw impressive growth rates. The company’s hotel operations grew 66% to PHP 139 million and leasing went up by 42% to PHP 112 million.
Cebu Landmasters recently opened 3 hotels including lyf Cebu City with 159 rooms, bringing its total number of operational rooms to 338, including 180 rooms of Citadines Cebu City. Both lyf and Citadines are in CLI’s mixed use property Base Line Center (photo above). The listed company now boasts nearly 800 room keys, with 7 more hotel projects underway poised to drive future hotel revenue growth.
CLI has expanded its hospitality portfolio from a single hotel Citadines Cebu City to now 3 including the recently opened lyf Cebu City in Base Line Center, and The Pad Co-Living in Banilad High Street in Cebu. With an initial offering of 180 rooms, CLI now boasts nearly 800 room keys, with 7 more hotel projects underway poised to drive future hotel revenue growth.
Additionally, the Gross Leasable Area (GLA) grew to 35,772 sqm from 28,411 sqm driven by newly completed projects like Banilad High Street, Base Line Center Phase 2, and Retail Pods in Davao Global Township.
Capital expenditures totalled PHP 12.9 billion during the year, with 82% allocated to project development and 6% directed towards land acquisition and the remaining 12% for investment property.
With the company’s consistent double-digit growth and exceptional performance, the CLI Board of Directors approved on March 18 the declaration of a regular dividend of PHP 0.15 centavos per share, along with a special dividend of PHP 0.03 centavos per share. These dividends will be distributed to shareholders on record as of April 17, with payments scheduled on May 3, 2024. The board’s decision reflects CLI’s commitment in growing shareholder value since the IPO.
Cebu Landmasters recently opened 3 hotels including The Pad Co-Living in Banilad High Street (photo above) with 258 rooms, bringing its total number of operational rooms to 338, including 180 rooms of Citadines Cebu City. CLI now boasts nearly 800 room keys, with 7 more hotel projects underway poised to drive future hotel revenue growth.
CLI Starts Public Offer Period for Preferred Shares
CLI had a significant milestone with the start of public offering of its preferred shares totaling PHP 3 billion, with an additional PHP 2 billion oversubscription. The offer period is from March 19 to April 2. Investors of the preferred shares can look forward to attractive dividend yields, with 4-year Series A-1 at 7.585% and the 7-year Series A-2 at 8.25%. The said shares are scheduled to be listed on PSE’s main board on April 12, 2024.
The proceeds from the offering will provide CLI with a substantial capital infusion, facilitating strategic initiatives, and expansion projects, and bolstering its balance sheet for future growth.
CLI signs joint venture agreement with Japan real estate firm NTT UD Asia
CLI also announced its first international partnership, forming a joint venture with Japan-based global real estate firm NTT UD Asia Pte. Ltd. (NTTUDA), a subsidiary of NTT Urban Development Corporation (NTTUD), to establish CLI NUD Ventures, Inc.
The initial project is a PHP6.4 billion, two-tower, Japanese-inspired residential complex in Cebu IT Park, with Tower 1 set to launch by Q4 2024. This collaboration with CLI marks NTTUD's first venture in the Philippines, expanding its global portfolio with mixed-use, office, and residential projects.
CLI Chairman and CEO Jose Soberano III said, “We are bullish that the strategic capital raise through preferred share issuance and our first-ever international partnership would fortify our growth and expansion. This also strengthens our commitment to delivering exceptional value to our stakeholders as we keep enlarging our business."
CLI’s 2024 growth initiatives
CLI has new development in the pipeline worth PHP27 billion, including expansion projects in various regions such as Butuan. For 2024, the company has earmarked PHP 14.5 billion for capital expenditure, with a portion dedicated to land acquisition, particularly for its inaugural Luzon project.
The company’s strong financial performance, diversified revenue streams, strategic expansion initiatives, and a robust pipeline of upcoming projects position the company for continued growth and success in the coming years.
“Our consistent growth fuels our vision to strengthen the company’s current offerings and expand beyond VisMin. This is also a testament to the resilience, hardwork and dedication of our team," says Soberano.
● CLI reported a 28% increase in consolidated net income, reaching P3 billion by end-September.
● Double-digit revenue growth across all business segments led to an 18% rise in gross revenue to P12.93 billion
● Colliers International's most recent study reaffirms CLI's market leadership in VisMin with the highest market share at 23% in net take-up.
Leading developer in VisMin Cebu Landmasters Inc. (CLI) continued to deliver robust growth in its consolidated net income for the first nine months of the year, posting a 28% rise to hit P3 billion in end-September from the P2.4 billion recorded in the same period last year.
CLI’s net income attributable to the parent company also posted a solid 9% increase to reach P2.4 billion from P2.2 billion in the previous year.
Cebu Landmasters unveiled the fourth tower of Casa Mira Towers Palawan early this year with the first three towers already fully sold out less than a year after launch. Casa Mira, CLI’s flagship economic brand, accounted for 52% of total sales in the first nine months of the year, underscoring continued strong demand for housing in the economic market.
Impressive double-digit revenue growth was recorded across all of CLI’s business segments, pushing the listed firm’s gross income to rise by 18% to P12.93 billion from P10.96 billion.
"We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI's commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI chairman and CEO Jose Soberano III said.
Across segments, CLI’s real estate unit continued to be the primary driver of the company's revenue. The sector posted a remarkable 17% increase, propelled by ongoing construction progress and higher units that qualify revenue recognition.
CLI's sales also surged 25% to reach P17 billion in the first nine months of the year. Casa Mira, CLI’s flagship economic brand, accounted for 52% of total sales, underscoring continued strong demand for housing in the economic market. The listed company successfully launched 3,664 units valued at P14.87 billion as of end-September, contributing to an exceptional 93% sell-out status for all projects in various stages of development.
CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. This is expected to grow further with the grand opening of Citadines Bacolod City in the next months.
The listed company’s other verticals also experienced notable growth. CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. Its leasing business saw a 43% increase in revenue, driven by a 71% rise in occupancy rates. This was attributed to upcoming handovers in strategic locations like Davao Global Township and 38 Park Avenue, along with other prime commercial spaces nearing completion.
Throughout the year, the company spent a total of P10.4 billion in capital expenditures, mostly allocated to project development. A notable investment was the acquisition of a 21-hectare land in the city of General Santos, planned to be developed as economic and mid-market communities.
Meanwhile, Colliers International's recent real estate market study affirms CLI's continued market leadership in VisMin. As the foremost developer, the listed company holds the highest market share at 23% in net take-up.
“We are honored to be of service to our primary market, the VisMin region,” Soberano said. “Rest assured, we remain committed to fulfilling our promise of customer-centric development. Our achievements inspire us to continually enhance our services for all stakeholders."
Looking forward, CLI has entered into a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments. This is the listed company’s first foreign joint venture partnership and is geared towards the development of premium-grade residential towers in the heart of Cebu City.
“While we are thrilled with what has been a milestone year in which we celebrate our 20th anniversary, we look forward to reaching new heights with more developments and key partnerships on the horizon,” Soberano said.
CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. This is expected to grow further with the opening of lyf Cebu City in the next months.
CLI plans to launch two to three additional projects this year, including Casa Mira Homes Butuan, which is projected to generate P 2 billion in sales. Three new hotels are also scheduled to open in the next few months: The Pad Co-Living in Banilad High Street, lyf Cebu City in Base Line Center and Citadines Bacolod City. Additionally, an expansion project is in the works for the highly successful Calle 104, which achieved remarkable sales in a short span of time.
CLI is also finalizing its first-ever site in Luzon, located in Naga City.
SUGGESTED PHOTOS
Cebu Landmasters unveiled the fourth tower of Casa Mira Towers Palawan early this year with the first three towers already fully sold out less than a year after launch. Casa Mira, CLI’s flagship economic brand, accounted for 52% of total sales in the first nine months of the year, underscoring continued strong demand for housing in the economic market.
CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. This is expected to grow further with the opening of The Pad Co-Living in Banilad High Street on November 20. Standard rooms available are from single to quadruple sharing. There are also Special Rooms for 3 persons or a family of 4.
CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. This is expected to grow further with the opening of lyf Cebu City in the next months.
CLI’s hotel portfolio revenue surged 78% during the period, fueled by both higher room rates and increased occupancy. This is expected to grow further with the grand opening of Citadines Bacolod City in the next months.
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