Cebu Landmasters Allots P379-M for VisMin Projects

Listed property developer Cebu Landmasters Inc. (CLI) on Tuesday said some Php378.8 million, a part of the proceeds of its initial public offering (IPO) last June, had been allocated for the firm’s expansion in Visayas and Mindanao.

The company told the local bourse that its Board agreed to allot the amount for other land acquisitions and investments in these areas, which also included realized savings in the purchase of properties in Cagayan de Oro City and Bogo City in Cebu.

“CLI has been approached and is now in serious negotiation to redevelop a 16-hectare property near the Davao International Airport,” it said.

CLI said it was also part of a consortium proposing to convert into a master-planned central business district the existing 22-hectare golf course and adjacent properties in Matina, Davao.

It noted two prime properties in Cebu City had also opened for acquisition after the IPO.

“All of these projects present a unique, but opportune time for CLI to boost its prime landholdings without departing too far from its IPO disbursement schedule and ‘landbank lite’ strategy,” it said.

The company further said it remained committed to pursue a hotel project in Mactan, Cebu and enter the property market in Iloilo.

CLI targeted to book Php1.7 billion in profit and Php5.3 billion in revenue this year.

It will introduce to the market 20 new developments, among them two residential subdivisions, three residential condominiums, three offices, one hotel and one industrial park in Cebu, two residential condominiums and a hotel in Bacolod, and a residential condominium in Iloilo.