Cebu Landmasters Inc., a listed property developer whose home market is in the Visayas and Mindanao, said Wednesday net profit in 2023 increased by 13 percent year-on-year to P3.58 billion on strong real estate sales and steady growth in hotel and leasing operations.
Revenue grew by 20 percent to P18.8 billion, helped by robust demand for residential properties and its diverse business portfolio. Real estate sales rose 20 percent to P18.5 billion, driven by consistent collections and steady construction progress. Reservation sales is at a record P20.6 billion, up 14 percent, securing future revenue flows.
The listed company launched 10 new projects in 2023, with a collective value of P18.7 billion and offering 4,249 units. These projects achieved 63 percent sell-out rate in less than a year in the market. Completed projects are already 97 percent sold-out, resulting in the blended total portfolio sell-out rate of 93 percent.
CLI’s recurring income projects, particularly hotel operations and leasing, also saw growth. Hotel operations grew 66 percent to P139 million with rooms now at 797 while leasing went up by 42 percent to P112 million. Leasing income is expected to grow further in the coming years with gross floor area of its leasing portfolio to rise to 110,000 square meters in five years from 35,000 square meters in 2023.
Grant Cheng, chief finance officer of Cebu Landmasters, said the listed company’s geographical diversification started bearing fruit last year, with real estate sales in Cebu only accounting for 43 percent of total.
Cheng said capital expenditure for 2024 is set at P14.5 billion, with 83 percent for project development. He said 11 projects will be launched this year, worth P27.6 billion. He added that 45,590 square meters of leasable space will be added this year while three hotel projects with 459 room keys will be opened.
Cebu Landmasters said total assets last year rose 20 percent year-on-year to P102 billion, with contract assets at P45 billion and real estate at P19 billion.
Capital expenditures last year reached P12.89 billion, with P10.5 billion spent for residential projects. The company completed 45 projects, 31 of them in Cebu province. Ongoing projects total 39, with 18 of them in Cebu.
Cebu Landmasters is planning to launch this year its first project in Luzon, with a development in Naga City.
