Cebu Landmasters Inc. plans P15 billion for housing projects

Cebu Landmasters Inc. (CLI) plans to invest about P15 billion this year to launch a new affordable housing program. The company aims to support ongoing projects, acquire land, and develop new plans. CLI’s goal is to create at least 4,000 affordable housing units, which is a part of their sustainability efforts linked to a recent bond issuance. CLI's Chief Financial Officer, Grant Cheng, shared this news with reporters. The housing units will feature affordable homes with high-end amenities, located near major roads. According to Chief Operating Officer Jose Franco Soberano, these homes are expected to sell quickly due to their low prices. Last week, CLI raised P5 billion through a green bond issuance. This funding will help them build a total of 16,000 affordable homes in the Visayas and Mindanao regions by February 2029. They must complete at least 8,500 houses by February 2027 to avoid higher interest rates on the bonds. Soberano mentioned that at least P10 billion would be required for construction costs alone, not including land acquisition. Looking ahead, CLI plans to start its first project in Luzon next year, with an estimated budget of P12 billion. This will involve two residential projects with units measuring between 40 to 60 square meters. Since its debut on the stock market in 2017, CLI has expanded its portfolio to nearly 130 projects across 17 cities. Their offerings include residential and commercial developments, as well as hotels and resorts. From January to September 2024, CLI reported a 7 percent increase in profits, thanks to rising rental and hospitality revenues.