CHI rakes in P3.7B in revenues in 2018

CEBU, Philippines — Ayala Land Inc., (ALI) affiliate Cebu Holdings Inc., (CHI) posted a 20 percent growth in its real estate business in 2018, at the backdrop of Cebu’s vibrant property sector.

CHI, one of Cebu’s game changers in the real estate industry in the last 30 years, recorded P3.7 billion revenues in 2018, a 20 percent increase from P3.1 billion in 2017.

This encouraging performance is pushing the company to consider more and new growth sources in the next few years, owing to the rosy prospects of real estate sector in Cebu, said CHI Anna Ma. Margarita B. Dy.

Publicly-listed CHI, which now owns five estates, the Cebu Business Park, Cebu IT Park, Seagrove, Gatewalk Central and the upcoming South Road Properties project, hopes to double its leasing portfolio to almost 523,000 square meters once the three ongoing projects will be completed.

In 2018, leasing activity provided 59 percent or P2.2 billion of CHI’s total revenue.

“The strong performance of our office leasing business contributed to our growth as well. All four eBloc towers in Cebu IT Park, and Ayala Center Cebu Tower and Tech Tower in Cebu Business Park are fully leased out,” CHI president Aniceto V. Bisnar, Jr., reported yesterday during the company’s annual stockholder’s meeting.

Likewise, the sale of commercial lots in Amara, and residential condominiums in Cebu Business Park contributed 22 percent of P800.9 million of the company’s total income in 2018.

Last year, the CHI and Cebu Property Ventures and Development Corporation (CPVDC) completed their merger deal. The move according to Bisnar help the company satisfy the 20 percent minimum public ownership requirement by Securities and Exchange Commission (SEC)—even before that requirement takes effect next year. (FREEMAN)