CEBU CITY – Real Estate company Cebu Landmasters Inc. (CLI) has reported a record P2.61 billion net income attributable to shareholders in 2021, up by 42% from 2020’s P1.85 billion.
Jose Soberano III, CLI Chairman and CEO, reported that the recovery of the property sector from the effects of the Covid-19 pandemic is evident in the firm’s income performance which also surged past its 2019 pre-Covid pandemic bottom line by 30%.
He said the increase in sales and sustained housing demand is an indicator of recovery from the health crisis, adding the company’s performance “puts us in a position to pick up from where we left off pre-Covid and shows that the industry is on track to sustained recovery moving forward.”
Soberano said there continues to be a solid housing demand in the Visayas and Mindanao, particularly in the economic and mid-income segments, which drove the firm’s sales to hit a record P16.5 billion in 2021, which is 16% more than the previous year.
By the end of 2021, Soberano said construction was in full-swing across all their project sites in 16 key cities in Visayas and Mindanao, and catch-up measures had been put in place to compensate for delays caused by quarantine restrictions.
A major investment now progressing as planned is Masters Tower Cebu which will generate 10,500 square meters of gross leasable area and also incorporates Sofitel Cebu City’s 195 rooms.
Another anchor project is the 125-room Abaca Resort Mactan, a luxury hotel designed to be among Cebu’s premier hotel destinations, coming at a time when the tourism industry also looks to sustain recovery post-pandemic. (Carlo Lorenciana)
