LISTED real estate developer Cebu Landmasters, Inc. (CLI) is nearing its entry into the Luzon market after acquiring land for a planned condominium project in Metro Manila.
“We’ll disclose the particular area in due time; we’re in search of a vertical development in Metro Manila,” CLI Chief Operating Officer Jose Franco B. Soberano said during a virtual briefing last week.
Mr. Soberano said CLI can also be eyeing a housing development in Cavite.
“(Our Luzon expansion is) a combination of vertical development and horizontal projects. We’re going to report the specifics soon as we complete the crucial positioning,” he said.
CLI said earlier that it was eyeing to make its Luzon market debut by 2026. The corporate allotted P12 billion for the primary two Luzon projects.
Despite the continued condominium oversupply in Metro Manila, Mr. Soberano said that CLI sees opportunities for its projects, touting the country’s population rise and economic growth.
“We see opportunity. We feel that ready for occupancy units are the challenge. Nonetheless, we now have the chance to bring a really competitive pre-selling product that enables a buyer to affordably invest over a five-to six-year horizon and plan for home ownership by that point,” he said.
“The oversupply in Manila is concentrated in specific areas. We expect confidence to enhance over the subsequent yr, because the country continues to grow not only in population but additionally in income capability. We’re confident that the market will get better,” he added.
Meanwhile, CLI Chief Financial Officer Beauregard Grant L. Cheng said at the identical briefing that the corporate’s projects in Luzon would fall under the inexpensive segment.
“We’re not seeking to construct the subsequent luxury condo in Metro Manila. There are good enough players to do this,” he said.
For 2024, CLI saw an 8% increase in its attributable net income to P3.01 billion as revenue climbed by 4% to an all-time high of P19.53 billion led by strong demand within the Visayas and Mindanao.
CLI shares were last traded on April 16, improving by 0.40% or one centavo to P2.52 apiece. — Revin Mikhael D. Ochave
