Property developer Cebu Landmasters Inc. plans to roll out 25 real estate projects this year as it aims to expand its presence in the Visayas and Mindanao.
CLI chairman Jose Soberano III said during the company’s annual shareholders meeting that 15 of the 25 projects to be launched this year would be residential projects with total sales value of P19 billion. These projects will cater to the economic and mid-market residential segments to meet the continued strong demand from buyers.
“Our 2021 projects will expand our VisMin footprint to cities like Ormoc, Bohol, Bacolod, Dumaguete, Iloilo and other key cities in the region while further strengthening our market share in Cebu and Cagayan de Oro where we have established a strong presence,” Soberano said.
Soberano said the company remained aggressive with expansion plans and was expecting 2021 revenues to grow by 15 percent to 20 percent this year to P8.3 billion.
It budgeted P12 billion for 2021 capital expenditures to complete residential mixed-use developments, hotels and townships projects.
These projects will generate significant revenues for the company moving forward, he said.
Soberano said opportunities continue to abound in the Visayas and Mindanao where the housing backlog was estimated at 800,000 units a year. Industry studies estimate that only 200,000 units are produced annually.
“We truly look forward to a better year. We hope to see even stronger buyer confidence as the vaccines continue to roll out,” Soberano said.
Soberano said the company maintained its position in the VisMin region. It avoided layoffs, maintained its workforce and even increased headcount to over 600 employees by the end of the year.
CLI posted a 25 percent year-on-year increase in net income to P714 million in the first quarter, on the back of strong residential sales.