Leading developer in VisMin Cebu Landmasters, Inc. (CLI) capped 2024 with record consolidated revenues of P19.5 billion, a 4% growth from P18.8 billion in the prior year, fueled by solid performance in core business segments and the company's growing market share as the real estate leader in the Visayas and Mindanao regions.
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| Strong market response: With nearly 90% of units sold, One Manresa Place signals high investor confidence in CLI’s Manresa Town in CDO—strategically integrated with Xavier University’s ‘Campus of the Future’ to drive long-term value and sustained demand. |
The company's property sales showed steady growth with a 5% increase to P17.3 billion from P16.5 billion, showing the company's continued capability to grow its topline. On the other hand, recurring income grew by 50% to P467 million, driven by the hospitality segment's 74% jump in revenues from P139 million to P241 million.
CLI’s outstanding financial results in 2024 demonstrates its robust market position in the face of industry headwinds. Net income attributable to parent shareholders improved by 8% to over P3.0 billion, while the Board of Directors approved a cash dividend of P0.18 per share, to be distributed on April 16. Since its initial public offering, CLI has consistently enhanced shareholder returns, yielding a 15% compounded annual growth rate (CAGR) in dividend distributions, reflecting management's unwavering commitment to creating sustainable value for investors while funding strategic expansion initiatives.
"CLI continues to invest in projects that deliver quality and value for money, meeting the changing needs of our markets,” said CLI Chairman and CEO Jose R. Soberano III. "Our foundation remains strong and we're well-positioned for continued growth. Our proven track record, strategic pipeline, and deep roots in VisMin power our momentum as we expand across the country."
Consistent Strong Market Absorption
Ongoing and new projects remained in high demand throughout the year, reaching a strong 92% sell-out rate largely driven by CLI’s mid-market and economic brands. Casa Mira (33%) and the Garden Series (54%) together accounted for 87% of total residential sales.
Following its plan to build stable long-term income, CLI opened its fourth hotel, Citadines Bacolod City. With six more hotels being developed, the company aims to expand its hospitality portfolio to 10 hotels with over 1,900 rooms, taking advantage of the region's growing tourism industry.
Rental income also showed significant growth, increasing by 45% to P162 million from P112 million last year. This growth is attributed to attractive leasing spaces that have drawn global brands such as Seattle’s Best Coffee and Dean and Deluca.
The company’s continued investment in recurring income projects sets forth a foundation for its eventual Real Estate Investment Trust (REIT) offering that will unlock enhanced value from its growing hotel and rental properties.
Industry Leadership and Investor Confidence
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| Opened in 2024, the 200-room Citadines Bacolod City sits along Lacson Avenue, a prime location that is in close proximity to essential destinations. It is only 30 minutes away from the Bacolod-Silay airport, the North Bus Terminal, and all major tourist attractions and go-to places in Bacolod. It has a 1000-sqm convention center with a pillarless ballroom, ideal for corporate or non-commercial gatherings. |
In collaboration with partner banks, CLI recorded P13.7 billion takeouts from new homeowners in 2024, reflecting sustained market demand and unwavering trust in its developments.
Investor confidence in CLI remained robust, evidenced by oversubscribed offerings of both Preferred Shares and sustainability-linked bonds in 2024. Alongside this, further validating the company's sustainability credentials is its inclusion in the prestigious ATRAM SDG Fund, which named CLI among the top 20 listed companies excelling in environmental, social, and governance (ESG) while maintaining financial growth.
CLI's industry leadership earned multiple accolades in 2024, including Sustainability Rising Star at the ACES Awards, a second consecutive 2-Golden Arrow recognition for governance excellence, and its seventh year among BCI Asia's Top 10 Developers. The company also received the Best Developer in Mindanao award from PropertyGuru Philippines and achieved Great Place to Work® certification, demonstrating its commitment to workplace excellence.
Further, the 2024 Colliers Real Estate Market Study revealed that CLI maintained its position as the top developer in Visayas and Mindanao, both in the horizontal and vertical markets. The listed company also accounts for 19.3% share of the overall residential market in the region, a 3% increase from the previous year.
Gaining momentum in 2025 and beyond
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| Cebu Landmasters' attractive leasing spaces have drawn global brands including Dean and Deluca, which had its first store outside of Manila in CLI's 38 Park Avenue in Cebu IT Park. |
CLI entered 2025 with optimism, backed by an outstanding project pipeline and consistent market demand in its key regions. The successful launch of One Manresa Place in Cagayan de Oro, which generated P4 billion in sales within just two days, signals continued appetite for CLI’s offerings.
"Encouraged by our 2024 turnout, CLI is set to roll out 10 to 12 new projects this year worth Php 36 Billion worth of sales value, having a mix of ongoing developments and new ventures in emerging markets and locations. These launches aim to build on CLI’s regional momentum and capture opportunities in underserved markets. 2025 is a critical stage as we move into bigger-scale residential and township developments, and ramp up our recurring income projects," Soberano stated.
For more information on CLI, visit cebulandmasters.com/.
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