Property developer Cebu Landmasters Inc. on Wednesday disclosed a plan to launch 15 residential projects this year with total sales value of P19 billion as it expects sales to grow 15 percent to 20 percent this year.
CLI said in a disclosure to the stock exchange the 15 residential projects would supply the market with 7,500 fresh units to the housing market.
The company also allocated P12 billion in capital expenditures for 2021, up 62 percent from P7.4 billion it spent in 2020. This year’s capex will be primarily used to expand the group’s land bank and complete ongoing developments.
“We have learned much from this pandemic and look forward to offering safe and healthy homes and communities to address not only the great housing backlog in VisMin [Visayas and Mindanao] but also what families really need,” CLI chairman and chief executive Jose Soberano III said.
CLI reported a net income of P1.85 billion in 2020, down 8 percent from P2 billion in 2019 on lower revenues.
The company said consolidated revenues declined 2 percent last year to P8.3 billion from P8.5 billion in 2019.
Operating expenses, however, jumped 11 percent, while interest expenses climbed 46 percent.
Reservation sales increased 12 percent to P14.25 billion in 2020 from P12.67 billion in 2019.
The company’s economic housing brand Casa Mira accounted for 69 percent of 2020 sales, while its mid-market Garden Series contributed 19 percent. The high-end brand Premier Masters added 10 percent.
“There is a real estate boom and a global trend towards safer and healthier homes. With CLI’s agility, we’re able to take advantage of this new kind of demand,” said Soberano.
The company announced a cash dividend of P0.25 per share to shareholders on record as of April 16, to be paid out on May 10, 2021.
It also declared a 123-percent stock dividend to strengthen its capital base.