November 14, 2021

A developer in Cebu claims that the business climate is improving.

As economic activity continues to pick up, a property developer has cited the improving business climate here.

Cebu Landmasters Inc. (CLI) chairman and chief executive officer Jose Soberano III said demand for housing has remained strong despite the pandemic in a virtual investor briefing on Friday.

“The pandemic has brought home to our buyers the importance of owning a home in a safe and secure community and the impact it has on family stability.” Moving forward, we will continue to meet this need and earn the trust of VisMin (Visayas, Mindanao) residents,” he said.

The Cebu-based developer announced an outstanding third quarter 2021 performance, with a net income of PHP1.854 billion in the first nine months of 2021, effectively surpassing the full-year 2020 figure of PHP1.845 billion.

Consolidated revenues increased by 34% year over year, from PHP5.7 billion to PHP7.7 billion, thanks to strong sales and rapid construction progress due to sites operating at 100% capacity.

Cebu, the VisMin region’s largest metropolis, accounted for 59 percent of revenue.

Cagayan de Oro, Bacolod, and Iloilo all had strong and growing sales, according to CLI.

This year, CLI invested PHP8.7 billion in capital expenditures, with PHP1.2 billion in new land acquisitions.

“Our growth is based on our sustained earnings in 2020,” Soberano said. “We are on track to exceed our 15 percent to 20 percent growth guidance in 2021 and the next two to five years.”

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