CLI to start Luzon expansion in 2024

Cebu City-Leading VisMin developer Cebu Landmasters Inc. is set to make its first foray into the Luzon market as early as next year as it is now reviewing proposals from landowners in provinces south of the island.

During the firm’s annual stockholders’ meeting in this city, CLI Chairman and CEO Jose R. Soberano said they should be able to start breaking ground in Luzon by the middle of next year.

*Cebu Landmasters Chairman and CEO Jose R. Soberano III*

CLI Senior Executive Vice President and COO Jose Franco B. Soberano said they are initially targeting the south of Luzon in Naga, Batangas and Cavite although they may eventually move on the Central Luzon.

“We will follow the trend that we have been pretty used to here in VisMin. When we enter a new area, we start with something affordable, and then try to see how that could grow,” said the Chairman.

He noted that, For new sites in Luzon, “the options are quite open for us. And we do have very serious offers from property owners, even from those that we have dealt with in VisMin. And they have showed us their landbanks. And when we have to evaluate this very carefully.”

CLI is also in the process of accrediting real estate brokers in Metro Manila and the rest of Luzon for its VisMin projects and they are seen to lead the sales team once the firm starts launching projects in Luzon.

The firm is expected to launch P29.75 billion worth of projects this year to further solidify its growth trajectory after a record-breaking performance in 2022 when net income grew 32 percent to P3.17 billion.

“Our robust performance last year demonstrates our growing commitment and strengthened leadership in the VisMin region… Because of this remarkable growth, we are finally setting our sights on Luzon in the next two years,” Soberano III .

He added that they have been gearing up for the “Next Level CLI” strategy, which includes growing the company’s capital, expanding its portfolio, developing new areas, and striving for sustainability.

Aside from continuing to fill in VisMin’s housing backlog by expanding to new areas, CLI is also establishing its foothold in the hospitality industry with three projects to open in 2023.

The younger Soberano said these hotels are The Pad, lyf Cebu City at Base Line Center, and Citadines Bacolod City for a total of 477 keys to be added to its existing 657 keys.

CLI also targets substantial growth in its leasing business, with the addition of 46,000 sqm worth of gross leasable area (GLA) over the next two years. This will include retail spaces at its Astra Centre Mall and the City Center at the Davao Global Township.

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The article was originally published in Manila Bulletin and written by James A. Loyola.