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Friday, March 29, 2024

Cebu Landmasters fully utilize P2.15-billion proceeds from IPO

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Property developer Cebu Landmasters Inc. said it fully utilized the P2.15-billion proceeds from an initial public offering in 2017.

Cebu Landmasters said in a disclosure to the stock exchange it spent 70 percent of the total proceeds to build up its land bank to 976,302 square meters.

“Cebu Landmasters is committed to the fast turnaround strategy of the company,” Cebu Landmasters president and chief executive Jose Soberano said.

“We have developed 420,573 sqm of our landbank after IPO. We now have 52 projects in various developments and we’ve already expanded to eight key cities in VisMin,” he said.

The company said 41 percent of its landbank is in Mindanao, 33 percent in the Visayas and 26 percent in Cebu.

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Cebu Landmasters purchased a total of 767,917 sqm of land in Cebu, Davao and Cagayan de Oro and added inventory in new locations in Bohol, Bacolod, and Iloilo. 

This increased the developer’s landbank to 976,302 sqm, after using 420,573 sqm in various vertical and horizontal projects.

Cebu Landmasters was listed with the Philippine Stock Exchange on June 2, 2017 by selling 430 million shares at P5 per share.

The company, which aspires to be the leading and most preferred local developer in the Visayas and Mindanao by 2020, currently has 52 projects in various stages of development.

It recently launched the P3.6-billion Astra Centre, its second mixed-use property strategically located on a 1.2-hectare lot at A.S. Fortuna Street in Mandaue City, Cebu. 

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