CBRE Names Cebu-Based Firm Top Condo Developer in Cebu

Property consultancy firm CBRE Philippines has named the Cebu Landmasters Inc (CLI) as the number one local condominium developer in Cebu.

CLI senior vice president Franco Soberano said the company is now next in rank to Manila-based real estate giant Ayala Land Inc. (ALI) in market share in the Cebu real estate market.

“CLI is now the number one local condominium developer in Cebu with 11 percent share, only second to Ayala Land at 17 percent, followed by Filinvest at eight percent,” a report from CRBE reads.

The 12-year-old development company founded by a former Ayala executive in Cebu, Jose Soberano III, now CLI chair, will be investing PHP12 billion over the next three to five years for its projects in the Visayas and Mindanao.

Part of the investment will be raised from its initial public offering (IPO) slated in the second quarter of 2017.

Jose Soberano III, CLI chair, said the company is about to file its application with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).

Soberano declined to provide further details of the IPO, citing a non-disclosure policy for now.

The company aims to become the “most preferred developer” in the VisMin region by 2020.

Regional expansions include the cities of Iloilo, Dumaguete, and Bacolod in the Visayas, and Cagayan de Oro and Davao in Mindanao.

At present, the developer has 25 projects, 80 percent of which is classified as residential developments, 13 percent as office spaces and the rest in hotel developments. (PNA)FPV/EB/EDS