Listed property developer Cebu Landmasters Inc. said Thursday it will launch this year P29.75 billion worth of projects to sustain its record growth last year and move closer to its goal of expanding to Luzon.
“Our robust performance last year demonstrates our growing commitment and strengthened leadership in the Visayas-Mindanao region. We have recorded double-digit growth across all market segments since our 2017 initial public offering. Because of this remarkable growth, we are finally setting our sights on Luzon in the next two years,” CLI chairman and chief executive officer Jose R. Soberano III said in a statement.
CLI saw net income last year increased by 32 percent to a record high P3.17 billion. Strong sales allowed CLI to increase capital spending by 13 percent mainly for property development and land acquisition.
In October, CLI raised additional capital for future project with a P5 billion fixed-rate bond that was listed on the Philippine Dealing and Exchange Corp. The bond is part of the P15 billion debt securities it shelf registered with the Securities and Exchange Commission.
The Philippine Rating Services Corporation awarded the CLI bonds a PhilRatings credit rating of Aa plus with a stable outlook.
