Cebu Landmasters, Inc. (CLI), the leading developer in Visayas and Mindanao (VisMin), announced record financial results for 2024 and underscored its commitment to robust corporate governance with the appointment of two new independent directors. The announcements were made at the company’s Annual Stockholders’ Meeting, held at Citadines Cebu City and livestreamed nationwide.
“2024 was a year of masterful innovation,” stated Chairman and CEO Jose R. Soberano III. Despite economic challenges, CLI achieved record revenues of PHP 19.5 billion, an 8% growth in net income attributable to parent shareholders, and strong operating cash flows of PHP 4.3 billion. This performance further solidified CLI’s position as the top real estate player in the VisMin region, with its market share rising to 19.3%.
CLI also declared a cash dividend of PHP 0.18 per share, maintaining a 15% compound annual growth rate in dividends since its 2017 IPO, bringing total shareholder returns to PHP 3.8 billion.
Expanding Horizons Beyond VisMin
“As we enter 2025, we do so with clarity and confidence, ready to expand beyond our VisMin roots with our brand of homegrown excellence,” Soberano added. He emphasized that “innovation is not just a goal, it is our dedication to improve our processes, better our customer experience, and our promise to deliver smarter, more sustainable, and thriving communities.”
Chief Financial Officer B. Grant Cheng highlighted CLI’s solid financial foundation, reporting, “What we launch, we sell out. And what we sell, we deliver and collect reliably.” This discipline translated into PHP 20.58 billion in reservation sales, an outlier performance amid a general slowdown in Luzon, showcasing CLI’s agility in maximizing VisMin demand.
With over 94% of launched inventory sold and approximately PHP 85 billion in contracts receivable—backed by low delinquency rates—CLI demonstrates strong market demand, disciplined execution, and a consistently healthy cash conversion cycle. Noteworthy launches in 2024 included Velmiro Heights Davao and Mindara Residences, both selling out within days. CLI has now launched nearly 130 projects across 18 cities in VisMin, with its strategic Luzon expansion already underway.
Strategic Financials and Diversified Growth
CLI’s preferred shares offering was oversubscribed by 1.4 times, providing additional flexibility to fund its development pipeline. Cheng noted that CLI’s capital strategy aligns debt maturities with project cash inflows, minimizing refinancing risk while supporting aggressive yet responsible growth.
The company also made significant strides in diversifying its revenue streams. Hospitality revenues surged by 74% in 2024, and commercial leasing income increased by 45%, reflecting progress toward building a strong recurring income portfolio and an eventual REIT listing.
A key milestone for CLI in 2024 was its international joint venture with Japan’s NTT Urban Development Corporation, a global ICT and telecommunications leader. This partnership will develop the PHP 6.4 billion The Wave Towers in Cebu IT Park. “This partnership proves CLI’s credibility in delivering quality products that are of global standard,” said Soberano.
Furthermore, CLI’s major estate developments in Davao and Cagayan de Oro continue to attract institutional investors such as Insular Life and BDO Unibank, signaling strong confidence in CLI’s long-term vision for its master-planned communities.
Enhanced Governance and Social Impact
Beyond its robust financial performance, CLI reinforced its commitment to social responsibility through the Cebu Landmasters Foundation. The foundation turned over Tipolo Residences 2, a mid-rise sustainable housing project, to the Mandaue City LGU for fire victims and expanded its education and livelihood programs, reaching over 500 farmers, scholars, and trainees.
In a move to future-proof the company and enhance governance amidst plans for greater scale and complexity, CLI expanded its Board of Directors from nine to 11 members, appointing two seasoned independent directors. “This isn’t just about board expansion—it’s about adding leadership that challenges us, inspires fresh thinking, and guides CLI into its next decade of innovation and growth,” concluded Chairman and CEO Jose R. Soberano III.
