VISAYAS-MINDANAO (Vis-Min) property developer Cebu Landmasters Inc. (CLI) is currently in talks with two potential partners for its planned entry into the Luzon real estate market.
“We are in conversation with two potential partners or sellers for key sites in Luzon,” CLI Chief Finance Officer Grant Cheng told The Manila Times in a message.
Cheng disclosed that the company is being careful with the planned acquisitions, noting they are “doing due diligence on market demand, [the] technical, and legal aspects to determine what the risk-value proposition is for any acquisition.”
Last September, CLI revealed that the potential locations for its Luzon developments are General Trias in Cavite and Pasig City in the National Capital Region (NCR).
CLI said it was eyeing a horizontal development for its future project in General Trias, Cavite, and a vertical project in Pasig City.
That same month, the company moved to reallocate some P1.91 billion for land acquisition from the P3.5 billion fresh funding raised from its follow-on public offering in April.
The company said the reallocation of funds would allow it to leverage its financial flexibility to seize high-priority growth opportunities aligned with its long-term objectives.
In November, CLI Chief Operating Officer Jose Franco Soberano told reporters that “if we do acquire [Luzon properties] early next year, these are really inventory that will be available in 2026.”
Aside from the Vis-Min developer’s plans to enter Luzon, Cheng further noted that they are eyeing the launch of around seven to nine projects next year to hit new records in sales and housing unit deliveries.
“Target first expansion into Luzon, more product launches, and another year to target new records in sales and house deliveries,” Cheng said.
He disclosed that CLI plans to launch these projects in key non-NCR markets, such as Cebu, Cagayan de Oro (CDO), Palawan and Davao.
As of end-September 2024, CLI had a total of 124 projects in different stages of development across 17 key cities in the VisMin region.
This year, CLI has developed 26.8 hectares for key projects such as Casa Mira Butuan and Velmiro Heights and is currently negotiating property acquisitions in Luzon to support its initial projects in the region, with plans to secure another 47.7 hectares across Luzon and the Visayas.
Strategic acquisitions include locations in greater Cebu, Bacolod, CDO, Davao and Naga City.
CLI has said such strategic acquisitions are an integral part of its policy to deliver high-quality developments and sustain its leadership in the VisMin markets.
For the first nine months of 2024, CLI reported a 7-percent increase in its net income to P2.3 billion from P2.2 billion in the same period last year.
Revenues in the nine months rose 9.2 percent year-on-year to P14.1 billion on the back of strong demand, as property sales grew 8.7 percent YoY to P13.8 billion.
CLI shares last traded on Monday amid a shortened trading week, closing up 0.38 percent, or one centavo, to P2.67 apiece.
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