CLI allocates P12B capex for 2017

CEBU, Philippines - Cebu Landmasters Inc. (CLI) is allocating P12 billion in capital expenditure in 2017, so far the biggest investment the company has earmarked for the past 12 years.

The company's confidence to spend this much is backed by its official entry to Initial Public Offering (IPO) in the second quarter this year, said CLI chairman and chief executive officer (CEO) Jose R. Soberano III in a press conference yesterday at the CLI headquarters in Park Centrale building at Cebu IT Park.

Soberano announced that bulk of the proceeds that the company will raise from the IPO will be spent for its six new projects in Metro Cebu, and five more in Visayas and Mindanao.

"We are putting our entry to IPO on high gear," Soberano said expecting the company to officially go public before the end of the second quarter.

CLI draws its strength in plotting its expansive plans for further projects here and the key cities in Visayas and Mindanao, as funding will essentially come from the public.

CLI will further strengthen its presence in key cities in the Southern Philippines, such as Davao, Cagayan de Oro, Bacolod, Iloilo and Dumaguete.

Recently named as number one local developer in Metro Cebu by CBRE Philippines (Santos Knight Frank), Soberano said the company is largely banking on the upward economic track of the Philippines verified by the 7.1 percent GDP growth under the leadership of President Rodrigo Duterte.

In the medium term, CLI also targets to enter the fertile Luzon market.

Since its establishment 12 years ago, CLI portfolio now includes 25 projects, of which 84 percent is residential, 13 percent office building, and four percent hotel development.

The company's existing projects in Cebu include Park Centrale, Baseline Residences; Asia Premier at the Cebu IT Park; Midori Residences; and Mivesa Towers in Lahug.

In its residential development front, CLI is building over 3,000 houses in its latest Casa Mira South project located at the industrial City of Naga, Cebu.

In Davao it is currently developing the Mesa Tierra Residences. Its Casa Mira brand will soon enter Dumaguete and Iloilo cities, while, two Casa Mira Towers will also rise in Bacolod and Guadalupe, Cebu soon. (FREEMAN NEWS)