Top Visayas and Mindanao (VisMin) residential developer Cebu Landmasters, Inc. announced a cash dividend of 25 centavos per share to its shareholders on the back of the company’s robust financial performance.
The cash dividend amounting to 25 centavos per share was approved during the February 19 board meeting held in Citadines Cebu City. Shareholders on record as of April 3, 2020 will be entitled to the dividends and will be paid on April 30, 2020. This is an improvement from previous years’ 15 centavos and 20 centavos per share in 2017 and 2018, respectively.
“In view of CLI’s excellent performance in 2019 and strong positive outlook this year, we are pleased to once again declare dividends to our shareholders who continue to believe in the growth story of Cebu Landmasters. We look forward to providing more sustainable value to our shareholders for many years to come,” said CEO and President Jose R. Soberano III.
A 2019 real estate market study by Santos Knight Frank (SKF) reveals that CLI is the number 1 developer of residential projects in VisMin. The SKF market study that covered 10 key cities and included both national and local developers in the VisMin areas named CLI as “the leading residential developer in VisMin”.
The study shows that CLI leads the residential market with a 12% market share, delivering close to 18,000 units in eight cities of the 10 covered by the SKF study. These are based on actual and current market supply offering. The listed company bested Sta. Lucia Land and Vista Land which tied at second, each garnering 8% market share. Avida Land and Filinvest Land captured 5% and 4%, respectively. Other developers accounted for 64% of the market share.
Soberano pointed out that VisMin’s “economic dynamism, resilience and social growth” have given rise to exceptional real estate opportunities in strategic urban areas. “Our expertise and relationships in the region have allowed us to maximize those opportunities and have served as drivers of the firm’s consistent growth.”
In Metro Cebu, CLI has the largest market share of vertical residential developments at 23%, according to the SKF study. The company’s absorption rate registered at 96% or significantly above the 80% industry average in Metro Cebu indicating high demand for its products. Recently, for instance, it launched Mivela Garden Residences, which sold out more than 80% of units in less than three weeks from market launch.
The firm’s take-up rate at 24 per month and absorption rate at almost 60% in Davao City is way above the industry average in the market. In Cagayan de Oro, CLI is able to absorb high sales take-up at 217 per month against its main competitors whose average is 52.
The Cebu-based real estate firm listed in 2017 now has 58 developments in eight key cities and will expand its footprint to other cities such as General Santos, Butuan and Ormoc. It is working on 27 projects that will be rolled out soon.
In addition to its core business of residential developments, CLI is also growing its recurring income portfolio through more offices, mixed-use projects, townships, and hotels. CLI recently opened its first hotel in 2019, Citadines Cebu City managed by The Ascott Limited. The listed firm has a total of 10 hotels in the pipeline.
Early this year, the company announced Php12.67 billion in reservations sales, increasing by 31% versus prior year. CLI will be drawing from its current landbank of 1,245,485 sqm. to roll out more projects in new locations such as Iloilo, Bohol and Ormoc. Furthermore, the company expects to deliver 200,000 sqm of gross leasable area and expand its hospitality portfolio to 2,000 rooms in the next three to four years.
In 2019, CLI was awarded as Best Developer in the Philippines by Asia Property Awards and the Philippine Property Awards, and was the Best Developer in Visayas and Mindanao by The Outlook Awards.
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