Cebu Landmasters Reports 9-Month Revenue Exceeding P14.1 Billion

1. Cebu Landmasters Inc. (CLI) has reported consolidated revenues of P14.1 billion for the first nine months of 2024, marking a 9.2% increase compared to P12.9 billion in the same period last year.
2. The company’s net income to the parent grew by 7%, reaching P2.3 billion from P2.2 billion, driven by growth in both its core and recurring income streams.
3. Property sales saw an 8.7% increase to P13.8 billion, bolstered by strong demand across residential, mid-market, and economic housing sectors, as well as commercial lot sales.
4. CLI earned several accolades, including being named the top developer in VisMin by Colliers Philippines, securing the Best Developer in Mindanao award for the fourth consecutive year at the PropertyGuru Philippines Property Awards, and receiving a Golden Arrow award for corporate governance from the Institute of Corporate Directors for the second consecutive year.

Cebu Landmasters Inc. (CLI), a leading developer in Visayas and Mindanao, has achieved strong financial results, with consolidated revenues surpassing P14.1 billion for the first nine months of 2024, a 9.2% increase from P12.9 billion in the same period last year. The company’s net income to the parent grew by 7%, reaching P2.3 billion compared to P2.2 billion in 2023.

CLI’s property sales grew by 8.7% to P13.8 billion from P12.7 billion year-on-year, driven by the continued progress of construction projects and strong commercial lot sales.

In the first nine months, CLI launched P8.2 billion worth of projects, including 1,664 residential units, with 57% of them targeted for the mid-market segment and 32% for the economic segment. These new projects are seeing high demand, with 89% already sold out.

“We’ve seen remarkable market absorption for our newly launched developments, with several projects selling out almost immediately upon market introduction,” said CLI Chairman and CEO Jose Soberano III. “This robust demand highlights our well-priced, thoughtfully designed developments that address the needs of our target markets.”

The Garden Series, CLI’s mid-market housing product, contributed the largest share, accounting for 57% of total sales. Regionally, 56% of sales came from Mindanao, with Cebu contributing 23%, reflecting CLI’s strategy to expand its presence outside of Cebu.

“We plan to launch two more projects by year-end: The North Grove at Pristina Town, a 2-tower upper mid-market development in Cebu with over 1,000 units, and the first three towers at Manresa Town in Cagayan de Oro, our second township,” Soberano added.

CLI’s hospitality revenues rose 52% year-on-year to P149 million, bolstered by the opening of three new properties: Citadines Bacolod City, lyf Cebu City, and The Pad Co-Living, which added 617 rooms to CLI’s hospitality portfolio. This expansion reflects CLI’s commitment to meeting the growing demand for quality accommodations in Visayas and Mindanao.

Leasing revenues also grew by 47% to P144 million, thanks to the addition of 9,219 sqm of new leasable space. Notable tenants, including Dean & Deluca and Seattle’s Best, have chosen CLI properties for their largest branches in the country. CLI’s leasing portfolio is set to expand with 32,196 sqm of space in the pipeline, including the Astra Center Lifestyle Mall in Cebu.

The Colliers Philippines Real Estate Market Study 2024 has ranked CLI as the number one residential developer in VisMin, with a market share increase to 19.3% from 15.6% the previous year, surpassing national competitors. At the PropertyGuru Philippines Property Awards, CLI was named the Best Developer in Mindanao for the fourth consecutive year and also earned a Golden Arrow award for corporate governance for the second year in a row.

“We are honored by these recognitions and remain committed to delivering sustainable, high-quality developments that resonate with our buyers and support the growth of the VisMin region,” said Soberano.

With its strong performance and a growing portfolio fueled by regional demand, CLI is well-positioned to maintain momentum through the remainder of 2024. The company’s focus on regional expansion, diverse housing solutions, and a solid project pipeline strengthens its leadership in VisMin’s real estate market, with further growth opportunities in Luzon.

• Colliers Philippines Real Estate Market Study 2024 recognized CLI as the leading developer in Visayas and Mindanao, with its market share growing to 19.3% from 15.6% year-on-year, surpassing national competitors.
• CLI’s leasing revenues have increased by 47%, with new leasable spaces added. High-profile tenants such as Seattle’s Best Coffee and Dean & Deluca have chosen CLI properties for their flagship branches in the country.
• CLI is set to launch two more projects by year-end, including The North Grove at Pristina Town, a 2-tower upper mid-market development in Cebu with over 1,000 units.