VisMin real estate powerhouse Cebu Landmasters Inc. ended 2017, or six months after it became a listed company, with a record 66 percent increase in net income, surpassing the P1.2-billion target, its press release said.
CLI reported a net income of P1.294 billion last year with revenues reaching P3.929 billion, or another record-setting 66 percent hike from its 2016 earnings of P2.361 billion.
“We are proud of the exceptional 2017 performance of the company…and in 2018, we will continue to deliver outstanding value as we aim to become the leading local real estate developer in the VisMin region,” Jose Soberano III, CLI chairman and chief executive officer, said.
CLI expects seven projects already in the pipeline to provide recurring income by 2020. These are lyf Cebu City, Citadines Riverside Davao, Citadines Bacolod, Astra Hotel in Mandaue Cebu, Astra Corporate Center Mandaue Cebu, Astra Center Mall in Mandaue Cebu, and the 38 Park Office in IT Park Cebu.
Five CLI landmark projects launched in 2017 have already started construction, including Casa Mira Coast, its first project in Negros Oriental, and MesaVirre Garden Residences, CLI’s first project in Bacolod.
Soberano said things continue to look up for the property market, particularly in the VisMin growth areas. He added “the Philippine government’s decentralization push – notably the 'Build BuildBuild program' - will unlock land values and improve connectivity outside Metro Manila.”
Part of this infrastructure program is the planned expansion of international airports in major destinations, such as Cebu, Bohol, Bacolod, Iloilo, and Davao, that will allow foreign tourists to bypass Manila, the press release added.*
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