LISTED Visayas-Mindanao property developer Cebu Landmasters Inc. (CLI) is looking to close the acquisition of lots in Luzon by the fourth quarter with its first horizontal projects likely to be located in General Trias, Cavite, and in Pasig City.
“No launches yet. Still on land acquisition. Land purchase in Q4,” CLI told The Manila Times.
The company’s board approved last week the reallocation of P1.91 billion for land acquisitions out of the more than P3.5 billion in fresh funding raised from a follow-on public offering of Series “A” preferred shares.
The company’s first Luzon horizontal projects will likely be located in General Trias City and Pasig City, the developer said.
The reallocation “will allow CLI to leverage its financial flexibility to seize high-priority growth opportunities that align with its long-term objectives,” it added.
Last month, CLI Chief Operating Officer Jose Franco Soberano told analysts that the company was eyeing a vertical project in Metro Manila and a horizontal project in Cavite.
“We’re very excited for the challenge in Manila, so we’re going to bring, supposedly a horizontal [project], but we felt that we can also do verticals sooner,” Soberano said.
The company said it was originally considering a mid-market vertical project and an affordable horizontal development for its planned entry into the Luzon property market.
CLI shares rose 0.77 percent to close at P2.62 apiece on Friday.
Be the first to comment