The Soberano family’s Cebu Landmasters Inc. (CLI) is jacking up spending this year amid strong housing and commercial demand while making plans for its first project in Luzon.
During the company’s annual stockholders meeting on Tuesday, CLI announced a 12.5 percent increase in capital spending to P14.5 billion.
It will also budget P27.65 billion for expansion projects in Butuan, General Santos, and Luzon—which would be a first for the Visayas and Mindanao-focused builder.
“Over the years, CLI emerged as a resilient and agile organization, able to surpass crises and headwinds,” CLI chair and CEO Jose Soberano III said during the meeting on Tuesday.
The listed real estate company earlier reported continued growth as it delivered 16,282 housing units as of last year, 2023.
“Starting with one housing project in Balamban, Cebu, CLI now has 119 projects spread all over the Philippines by the end of 2023,” Soberano said.
During the first quarter of 2024, CLI said net income jumped 15 percent to P978 million while revenues soared 31 percent to P6.26 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
