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Cebu Landmasters income down 8%

Regional property developer Cebu Landmasters Inc. (CLI) on Wednesday said its income for 2020 fell 8 percent to P1.84 billion, from the previous year’s P2.01 billion, as the lockdowns affected its operations.

The company said its revenues fell 2 percent to P8.29 billion from P8.49 billion in the previous year, mainly as a result of the slowdown in construction activities due to a series of lockdowns. Most of its revenues came from real estate sale which fell 3 percent to P8.14 billion from the previous year’s P8.39 billion, while its rental revenues declined 13 percent to P55.2 million from the previous P63.2 million.

“We have learned much from this pandemic and look forward to offering safe and healthy homes and communities to address not only the great housing backlog in VisMin but also what families really need,” CLI Chairman and CEO Jose Soberano III said.

Reservation sales grew 12 percent to P14.25 billion from P12.67 billion in 2019. The company’s economic housing brand Casa Mira accounted for 69 percent of 2020 sales; its mid-market Garden Series, 19 percent; and high-end Premier Masters at 10 percent.

Strong sales take-up also resulted in unrealized revenue of P20.4 billion, the company said.

“There is a real estate boom and a global trend towards safer and healthier homes. With CLI’s agility, we’re able to take advantage of this new kind of demand,” Soberano said.

CLI ended the year with an additional 4,300 homes added to its inventory spread over 9 projects worth P11.4 billion. Newly launched projects were 71 percent sold by the end of 2020.

This year, the company hopes to grow by 15 percent to 20 percent, as it will continue its expansion, but mostly relying on real estate sales rather than on recurring income, such as offices.

CLI has a total of 25 projects in the pipeline; 15 of these are P19-billion residential developments that will be launched in 2021, supplying over 7,500 units to the sustainable housing market.

A total of P12 billion will be spent for capital expenditures in 2021 to expand the firm’s landbank and complete its on-going development including Latitude Corporate Center which is expected to increase total gross leasable area to more than 28,000 square meters, almost double from 2020.

Read full article on BusinessMirror

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