Leading developer VisMin Cebu Landmasters, Inc. (CLI) started 2023 on a high note, registering a consolidated revenue growth of 33% in the year’s opening quarter to P4.78 billion from P3.58 billion.
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Cebu Landmasters is set to complete over 4,000 sqm of gross leasable area (GLA), primarily from the retail pods of Davao Global Township (DGT), the listed company’s first estate project that is now set to open its doors to the public. The photo above is an architect’s perspective of DGT phase 1 that includes the township’s first residential development The East Village at DGT, a commercial area and lifestyle mall DGT City Center, and DGT Cultural Center. |
The strong performance across all of CLI's business units contributed to a 10% year-over-year increase in net income for the parent, which reached P888 million. On the other hand, Q1 consolidated net income soared to P1.17 billion, 43% higher year-on-year.
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Cebu Landmasters is set to complete over 4,000 sqm of gross leasable area (GLA), primarily from the retail pods of Davao Global Township, the listed company’s first estate project that is now set to open its doors to the public. The photo above shows the township’s most recent construction update. |
"Our unwavering commitment to excellence at CLI led to double-digit expansions in sales, hotel operations, leasing, and management fees," CLI senior executive vice president and chief operating officer Jose Franco Soberano said. "We believe that our remarkable Q1 2023 financial performance sets the tone for the rest of the year, inspiring confidence in our shareholders while reinforcing our position as the leading developer in VisMin and a major contributor to Philippine real estate."
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Cebu Landmasters first co-living project The Pad in Banilad High Street will have 256 rooms that can accommodate up to 440 persons. The five-storey property, which is a walk away from Cebu IT Park, is set to open in Q3 2023. |
Revenue from real estate sales grew 33% to P4.71 billion on the back of an increased number of qualified units for revenue recognition and construction progress.
Reservation sales take-up reached P5.22 billion, marking a significant 16% YoY growth. The company's flagship brand, Casa Mira, accounted for 52% of sales. By location, Cebu made up the bulk of the sales, with 40% generated from all project areas across VisMin.
CLI’s hotel operations also showed a remarkable recovery, with a YoY growth of 79% to P29 million driven by improved room rates as business and tourism travel normalized further in 2023.
Additionally, CLI's leasing business recorded 22% growth, amounting to P21 million. Meanwhile, the company's property management arm, Cebu Landmasters Property Management (CLIPM), also posted a 27% increase in management fees totaling P15 million, attributable to the management of 24 projects.
Looking ahead, CLI has outlined a dynamic roadmap for 2023. Three new hospitality projects, namely lyf Cebu City in Base Line Center, Citadines Bacolod City, and The Pad Co-Living in Banilad High Street, are scheduled to commence operations this year.
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Cebu Landmasters is set to open three new hospitality projects with 477 keys scheduled to commence operations this year including lyf Cebu City in Base Line Center whose lobby (architect’s perspective) is shown in the photo above. |
These projects are expected to contribute to the company's hotel revenue, with CLI managing a total of 657 keys by the end of the year—more than a threefold increase from the 180 rooms in 2022.
In the next 2 years, CLI will also complete over 46,008 sqm of gross leasable area (GLA) from their commercial leasing business, including retail spaces at its Astra Centre Mall and the City Center at the Davao Global Township.
With 19 residential projects in the pipeline, valued at Php29.75 billion, Cebu Landmasters is poised to continue its growth trajectory throughout 2023. The company's commitment to delivering value to its shareholders was evident in the recent dividend declaration on April 28, with a dividend of Php0.18 per share.
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