Cebu Landmasters Sets All-Time High PHP14.5-B CapEx For 2024

Cebu Landmasters, Inc. (CLI), a leading real estate developer in the Visayas and Mindanao regions, announced an unprecedented capital expenditure (CapEx) of PHP14.5 billion for 2024.

During the company's annual stockholders' meeting, Chief Operating Officer Jose Franco Soberano highlighted the significant demand for housing units in northern Luzon as a key driver for this expansion. I Photo: Cebu Landmasters, Inc. Facebook

This CapEx, which surpasses the 2023 spending of PHP12.89 billion by 12%, will fund new projects, including CLI’s first residential project in Luzon, as disclosed to the Philippine Stock Exchange (PSE).

During the company's annual stockholders' meeting, Chief Operating Officer Jose Franco Soberano highlighted the significant demand for housing units in northern Luzon as a key driver for this expansion.

The Luzon project is among CLI’s new project launches this year, totaling PHP27.6 billion.

“The year 2024 will see CLI entry into the Luzon housing space, and it will see CLI’s value-for-money approach reaching more territories and families,” Soberano noted, hinting that Cavite could be the location for their maiden Luzon project.

Soberano emphasized that these investments would uplift communities and create employment and business opportunities. In 2023, CLI delivered 16,282 housing units and now has 119 projects across the Philippines, with 76% residential, 8% hotels, 8% mixed-use, 5% offices, and 3% estates.