Cebu Landmasters on track to exceed P1.2B full-year profit target
Soberano-led Cebu Landmasters Inc. grew its net income by more than two-fold in the nine months this year to P940 million on record real estate earnings.
The Cebu-based property firm said real estate revenues soared 68 percent to P2.74 billion.
Reservation sales amounted to P3.66 billion, up 26 percent from the previous year.
“We’re very pleased with our company’s performance this year, but we still have more projects to launch for the balance of 2017.,” CLI president and CEO Jose Soberano III said.
Among these projects include the mixed-use Astra Centre in Cebu City which will feature 10,000 square meters of retail space, 467 residential units and 158 hotel units; the 727-unit Casa Mira Towers in Guadalupe, Cebu; and the 351- unit Base Line Prestige residential condominium, also in Cebu.
There are 42 projects in its current portfolio in various stages of construction, cumulatively valued at P45.02 billion.
Residential condominiums account for the largest share in CLI’s project mix at 52%, followed by residential subdivisions at 26%. Commercial developments account for a 16% share in the mix while hotel projects hold the remaining 6%.