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*on buyback* Cebu Landmasters Inc.

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CLI to develop P3.6-B mixed-use project in Cebu

CEBU Landmasters, Inc. (CLI) has unveiled a P3.6-billion mixed-use project in Cebu which will include a mall, office spaces, residential units, and a hospitality component.

In a statement issued Thursday, the listed property developer said it will develop the two-tower Astra Centre on a 1.2-hectare lot on A.S. Fortuna St. in Mandaue City. The project looks to take advantage of the lack of integrated developments in the area.

“Astra Centre’s strategic location combined with the synergies that will arise from the development’s components ensure a high-energy development,” CLI Chief Executive Officer Jose R. Soberano III said in a statement.

Astra Centre will be developed in two phases, with the first phase to include the construction of a podium and the first tower. The podium is designed to house an upscale, three-level boutique mall covering 8,300 square meters (sq.m.) of leasable area.

The first tower will have 30 storeys with residential and hospitality components. The hotel will be operated by the Radisson Hotel Group, bringing in its Radisson RED brand for the first time to the country.

Radisson RED will offer 146 rooms which will cater to millennials with round the clock facilities, high-speed WI-FI, and “grab and go” food and beverage options, among others.

“Cebu City is the perfect location to introduce Radisson RED to the Philippines, being a dynamic urban center with a youthful vibe and positive outlook. We look forward to welcoming guests at Radisson RED and to introducing a new era of hospitality to the country,” Radisson Hotel Group President for Asia Pacific Katerina Giannouka said in a statement.

Astra Centre’s residential condominium will be called One Astra Place, and will have 478 units across 15 floors. There will be studios sized 22 sq.m. and one-bedroom units with 36 sq.m. Residents will be able to use amenities such as an infinity pool, a kiddie pool, function rooms, a gym, an al fresco area, and a skydeck.

The second phase of the project will include the second tower which will house the Astra Corporate Center and another residential condominium. Twelve floors will be allotted for office space, with a total leasable area of 15,900 sq.m.

Astra Centre will be CLI’s second mixed-use project following Baseline Center in Cebu City, which was launched back in 2015. That project also has residential condominium, hotel, and office components.

CLI’s net income jumped 17% to P498.7 million in the first three months of 2018, supported by a 14% increase in revenues to P1.26 billion.


Cebu Landmasters nets P826M in first half

CEBU Landmasters, Inc. is planning to launch more projects in the second half.
EARNINGS of Cebu Landmasters, Inc. (CLI) jumped by a third during the first six months of 2018, lifted by higher sales from its residential business amid ongoing expansion in the Visayas and Mindanao markets.

In a statement released on Monday, the listed property developer said net income hit P826 million in the January to June period, higher than the P633 million it generated in the same period a year ago. This constitutes less than half of the P1.7 billion profit target for the full year.

Revenues surged 45% to P2.6 billion, or around half of its full-year target of P5.3 billion.

“With record-breaking sales accompanied by our fast turnaround development, we are confident that this momentum can be sustained,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.

Residential sales, which account for 95% of the company’s revenues, jumped 38% to P2.48 billion during the first half, driven mainly from the sales of projects catering to the economic and mid-market segment. Economic housing projects are those priced lower than P1.7 million, while the mid-market segment are projects priced more than P1.7 million up to around P4 million.

The specific projects that posted robust sales are MesaVerte Residences in Davao City, Baseline Center in Cebu City, Casa Mira South in Naga City, and Casa Mira Towers Labangon in Cebu City.

Reservation sales — which serve as a measure for future revenue to be recognized — climbed by 61% to P4.58 billion. This places the company on track to reach its P7-billion target in reservation sales for the year.

To reach its full-year target, CLI will be launching more projects in Cebu, Davao, Cagayan de Oro, as well as new sites in Iloilo, Bacolod, and Bohol in the second half of the year.

The Cebu-based firm also noted that it has already fully utilized the P2.1 billion raised from its initial public offering (IPO) last year. A total of 94% of the IPO proceeds were used for the purchase of key land properties and for joint ventures. With this, CLI’s land bank now stands at 976,302 square meters, 55% higher than what it had at the time of the IPO. All of CLI’s properties are in the Visayas and Mindanao area.

CLI has recently raised P5 billion from the issuance of corporate notes to further finance its ongoing expansion.


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