Cebu Landmasters expands landbank by 36% to 1.24 sqm

Listed property developer Cebu Landmasters Inc. (CLI) has secured “highly strategic” properties in the Visayas and Mindanao to expand its landbank by 36% this year from a year earlier.

Its landbank is presently total 1,245,485 square meters in Cebu City and other areas in Bacolod, Davao, Iloilo, Ormoc, Dumaguete, and Bohol, the company said Monday.

“Our landbanking activities are driven by the opportunities presented by each local market,” said CLI chairman and chief executive officer (CEO) Jose Soberano III.

“We only purchase a property if we are certain we have an appropriate project for the site to meet a community’s needs and if we can develop that project in the next two to three years,” he elaborated.

According to CLI, most of the land acquired this 2019 is fully owned by the company while 21% comprises joint ventures that allow access to sites without intensive capital outlay.

“We also benefit from our partners’ expertise and established presence in the new markets,” Soberano said.

CLI has teamed up with the International Builders Corporation for a high-rise multi-tower condominium in Iloilo City.

It has also partnered with AboitizLand to develop a mid-market, mixed-use, multi-tower condominium project in Mandaue City.

Among the acquisition highlights of CLI are a 28-hectare property in Davao, a 91,065 sqm property in Ormoc, and a 71,181 sqm lot in Dumaguete.

“Our projected pipeline of projects targeted towards the VisMin buyer means sustained growth for CLI and added value to our shareholders,” Soberano said. —Jon Viktor Cabuenas/GMA News