A local credit rating firm has maintained its rating on regional property developer Cebu Landmasters Inc. for its outstanding P5-billion Series A to C corporate notes that it issued in 2018.
The company said Philippine Rating Services Corp. retained its rating of “PRS Aa,” with a stable outlook, for the company that has development projects mostly in the Visayas and Mindanao islands.
Obligations that are rated “PRS Aa” are of high quality and are subject to very low credit risk, the company said in a statement.
Proceeds of the said debt were used for land acquisition in Cebu, Dumaguete, Bacolod, Cagayan de Oro, Davao, Bohol and Iloilo. Parts of the proceeds were also set aside for the development of the 22-hectare Davao Global Township in Matina, Davao, CLI said.
As of end 2019, the company has completed 28 projects that are a mix of vertical development at 57.1 percent and horizontal development at 42.9 percent. These developments comprise a total of 7,541 units which were 96.4 percent sold out.
CLI has 37 ongoing projects, 13 of which are located in Cebu City, seven in Davao, seven in Mandaue City, six in Bacolod, three in Cagayan de Oro and one in Bogo, Cebu. These projects have a combined total of 11,466 units, with 8,429 units (73 percent) sold.
The company said it had a 39-percent increase in consolidated reservation for the first half of the year to P7.4 billion from P5.3 billion. The increase was attributable to Casa Mira, CLI’s economic housing community, which accounted for 65 percent of first half sales in 2020. VG Cabuag