REGIONAL property developer Cebu Landmasters Inc. said its income last year grew 42 percent to P2.61 billion from the previous year’s P1.84 billion on the brisk sale of its residential and hotel projects located in the Visayas and Mindanao islands.
The company’s income was also 30-percent higher than the P2.01 billion profits it recorded in 2019, or before lockdowns were imposed and the economy reeled into recession.
The shares of CLI inched up five centavos to close at P3.01 at the end of the trading last Thursday.
Revenues grew 35 percent to P11.16 billion from the previous year’s P8.29 billion and also higher than the P8.55 billion it had in 2019.
“The company’s 2021 performance exceeded its targets for the year and puts us in a position to pick up from where we left off pre-Covid,” CLI chairman and CEO Jose R. Soberano III said.
The listed firm said its reservation sales grew 16 percent to P16.52 billion from the previous year’s P14.24 billion, on rising housing demand, particularly in the economic and mid-income segments, in the Visayas and Mindanao island-groups. CLI’s 10 residential-project launches generated P18 billion in sales value, as the company had more projects outside of Cebu.
The company’s economic housing brand Casa Mira generated the highest sales performance, taking 41 percent of total sales in 2021, followed by high-end projects at 31 percent and mid-market developments at 27 percent.
By the end of 2021, construction was in full-swing across all project sites in 16 key cities and catch-up measures had been put in place to compensate for delays caused by quarantine restrictions, the company said.
The company is currently building the Masters Tower Cebu, which will generate 10,500 square meters of gross leasable area and also incorporates Sofitel Cebu’s 195 rooms and Abaca Resort Mactan, which will have 125 rooms.
CLI has one operating hotel with seven other brands under different stages of construction. This will deliver a total of 1,775 keys to CLI’s growing hospitality portfolio by 2025.
At the moment, its rental income are still minimal at just P74.3 million as the company awaits the completion of construction of its stable of resorts and hotels.
CLI said acquired 41 hectares in 2021, spending some P10 billion, bringing the total landbank to over 100 hectares worth P12 billion. Another 70 hectares are in the last stages of negotiations.
Image credits: Cebu Landmasters Inc.