Cebu Landmasters eyes Cavite for expansion

LISTED property developer Cebu Landmasters, Inc. (CLI) is considering a development venture in Cavite as it prepares for its entry into the Luzon market, its chief operating officer said.

“Definitely, a lot of landowners are knocking on our doors. We need to filter this out well, but we’re eyeing a Cavite development. Camarines Sur was our original exploratory area. Now, Cavite is coming in strong,” CLI Chief Operating Officer Jose Franco B. Soberano said during the company’s virtual investors and analysts briefing last week.

“Once it is more firm and definite, we will disclose it. But it is this year. Our office will open very soon in the Makati area. We’re excited to see how well our projects will perform,” he added.

CLI’s first Luzon project is in Naga City under its Casa Mira economic housing brand, which is expected to launch in the second half of this year.

The company has been aiming to enter the Luzon property market to boost its nationwide presence.

CLI has P27.65 billion worth of projects in the pipeline. It earmarked P14.5 billion as a capital expenditure budget this year to support its expansion plans.

For the first quarter, CLI posted a 15% increase in its attributable net income to P978 million as consolidated revenue soared by 31% to P6.26 billion.

“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a separate statement.

CLI shares were last traded on May 10 at P2.75 apiece. — Revin Mikhael D. Ochave