VisMin developer Cebu Landmasters, Inc. (CLI) reported a 10 percent improvement in attributable net income to to P888 million in the first quarter of 2023, driven by the strong performance across all business units.
In a disclosure to the Philippine Stock Exchange, the firm said its first quarter consolidated net income jumped 43 percent year-on-year to P1.17 billion.
CLI registered a consolidated revenue growth of 33 percent in the year’s opening quarter to P4.78 billion from P3.58 billion in the same period of 2022.
“Our unwavering commitment to excellence at CLI led to double-digit expansions in sales, hotel operations, leasing, and management fees,” CLI Senior Executive Vice-President and COO Jose Franco Soberano said.
He added that, “We believe that our remarkable Q1 2023 financial performance sets the tone for the rest of the year, inspiring confidence in our shareholders while reinforcing our position as the leading developer in VisMin and a major contributor to Philippine real estate.”
Revenue from real estate sales grew 33 percent to P4.71 billion, on the back of the increased number of qualified units for revenue recognition and construction progress.
Reservation sales take-up reached P5.22 billion, marking a significant 16 percent YoY growth. The company’s economic flagship brand Casa Mira accounted for 52 percent of the sales.
By location, Cebu made up the bulk of the sales with 40 percent generated from all project areas across VisMin.
CLI’s hotel operations also showed a remarkable recovery, with a YoY growth of 79 percent to P29 million driven by improved room rates as business and tourism travel normalized further in 2023.
Additionally, CLI’s leasing business recorded a 22 percent growth to P21 million. Meanwhile, the company’s property management arm, Cebu Landmasters Property Management (CLIPM), also posted a 27 percent increase in management fees to P15 million, attributable to the management of 24 projects.
Looking ahead, CLI said it has outlined a dynamic roadmap for 2023. Three new hospitality projects, namely lyf Cebu City in Base Line Center, Citadines Bacolod City and The Pad Co-Living in Banilad High Street, are scheduled to commence operations this year.
These projects are expected to contribute to the company’s hotel revenue, with CLI managing a total of 657 keys by the end of the year – more than a threefold increase from the 180 rooms in 2022.
In the next 2 years, CLI will also complete over 46,008 sqm of gross leasable area (GLA) from their commercial leasing business, including retail spaces at its Astra Centre Mall and the City Center at the Davao Global Township
With 19 residential projects in the pipeline, valued at P29.75 billion, Cebu Landmasters is poised to continue its growth trajectory throughout 2023.
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The article was originally published in Manila Bulletin and written by James A. Loyola
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