Cebu developer posts strong 2023 profit

Cebu Landmasters Inc. (CLI), the leading property developer in the Visayas, reported a 29-percent increase in 2023 profit to P4.64 billion.

The company said its consolidated revenues rose 20 percent to P18.8 billion on strong contribution from real estate development, hotel operations and leasing businesses.

Real estate sales went up 20 percent to P18.5 billion, while reservation sales rose 14 percent to P20.6 billion.

CLI launched 10 new projects with a total sales value of P 18.7 billion with 4,249 units in 2023.

The group’s recurring income business registered double-digit growth in sales. Hotel operations grew 66 percent to P139 million, while leasing went up by 42 percent to P112 million.

CLI has three hotels under its hospitality portfolio with the recent opening of lyf Cebu City in Base Line Center and The Pad Co-Living in Banilad High Street in Cebu.      Seven more hotel projects are under construction which would drive future hotel revenue growth.

CLI formed a joint venture partnership with Japan-based global real estate firm NTT UD Asia Pte. Ltd. (NTTUDA), a subsidiary of NTT Urban Development Corporation (NTTUD), to establish CLI NUD Ventures, Inc.

The initial project is a P6.4-billion, two-tower, Japanese-inspired residential complex in Cebu IT Park, with Tower 1 set to launch by fourth quarter of 2024.

It represents NTTUD's first venture in the Philippines.