Leading VisMin developer sets P14.5-B capex for 2024

MANILA – A leading real estate developer in Visayas and Mindanao on Tuesday announced a PHP14.5-billion capital expenditure (capex) for 2024 which includes spending for its maiden project in Luzon.

Cebu Landmasters, Inc. (CLI) chief operating officer Jose Franco Soberano said during the company’s annual stockholders’ meeting in Cebu City that the PHP14.5-billion capex this year is an all-time high, exceeding by 12 percent from 2023’s spending of PHP12.89 billion.

He said this allotment for this year will be spent on project development and land banking.

Soberano also announced that the company is embarking on a PHP27.6-billion new project launches this year, including its first residential project in Luzon, amid the strong demand for housing units in the northern part of the country.

“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,” he said.

Last month, Soberano said Cavite could be the initial location for its maiden project in Luzon.

In the latest study of Lamudi Philippines, an online real estate platform, 86 percent of property seekers for affordable homes were concentrated in Metro Manila at 53 percent, Calabarzon at 25 percent, and Central Luzon at 8 percent.

“At CLI, we know these investments will go a long way and in uplifting many communities where we operate in, and will also create more employment and business opportunities for Filipinos,” Soberano said.

In 2023, CLI delivered 16,282 housing units.

“Starting with one housing project in a Balamban, Cebu, CLI now has 119 projects spread all over the Philippines by the end of 2023,” he said.

Of the 119 projects, 76 percent are residential, 8 percent hotels, 8 percent mixed-use, 5 percent offices, and 3 percent are estates. (PNA)