Cebu Landmasters eyes Luzon housing projects

Cebu Landmasters Inc. (CLI), a listed property developer focused in the Visayas and Mindanao, is looking to make its debut in the Luzon market by 2026, according to a report by Philippine Star.

CLI COO Jose Franco Soberano said they are targeting to launch their maiden project outside Visayas and Mindanao by 2026.

“When it comes to housing, we are very confident. We are looking at that. More than 20 hectares or 2,000 units. For condo development, we’re really looking at good value for money sites,” he said.

CLI is looking at developing a vertical project in Metro Manila and a horizontal project in Cavite for the company’s expansion in Luzon.

“We’re definitely still on with our Luzon expansion and this includes one horizontal development in the Cavite area and potentially a condo development in Metro Manila,” Soberano said.

“The good thing with our timing now is, if we do acquire (the land) early next year, these are really inventory that will be available in 2026,” he said.

From January to September, CLI launched P8.2 billion worth of projects with 1,664 residential units, a balanced mix of 57 percent targeted for the mid-market segment and 32 percent for the economic segment.

With its robust nine-month results and a growing portfolio driven by regional demand, CLI said it is well positioned to continue its momentum heading into the end of the year.

The company said that its focus on regional expansion, diverse housing solutions and a robust project pipeline solidify its leadership in the Visayas and Mindanao’s real estate market, with potential for growth in Luzon.

CLI is set to launch two more projects before the year ends.

These two projects are the North Grove at Pristina Town, a two-tower upper mid-market project in Cebu with over 1,000 units and the first three towers in Manresa Town in Cagayan de Oro, which is CLI’s second township.

In terms of fundraising, CLI chief finance officer Grant Cheng said that the company is planning to issue retail bonds over the next 12 months.

“This is more of a refinancing strategy that should take advantage of the lower interest rates and the rate cuts from the Bangko Sentral ng Pilipinas recently. It’s also a chance for us to incorporate sustainability metrics and will allow us to showcase our sustainability strengths to portfolio managers and to fund managers out there who have that mandate to invest in companies with a strong sustainability strategy, such as Cebu Landmasters,” Cheng said.

“We are always strategic about opportunities out there, whether that be joint venture partnerships with land, which is a form of equity investment, or even strategic fund investors who might want to look at making a placement into CLI,” he said.

CLI’s net income jumped by seven percent to P2.3 billion in the nine months ending September due to growth in both core business and recurring income streams.

Revenues reached P14.1 billion during the first three quarters, up 9.2 percent from P12.9 billion in the same period last year.

The company’s property sales grew by 8.7 percent year-on-year to P13.8 billion, driven by construction progress and commercial lot sale.