Cebu Landmasters Inc. (CLI), the leading local developer in VisMin, expects a significant increase in recurring revenues by 2023 as gross leasable area is seen to bolt past 200,000 sqm contributing 10% to the total revenue.
Jose Soberano III, CLI president and CEO, sees the company further expanding recurring income streams within the next four years as it completes other ongoing projects. These projects include the Base Line HQ, Latitude Corporate Center, The Plaza at 38 Park Avenue, Astra Centre Lifestyle Mall (2021), Astra Corporate Center (2021), The Paragon Davao Lifestyle Mall, and The Paragon Convention Center, and Phase 1 of the Davao Global Township.
The listed company said Astra Centre Lifestyle Mall—located on A.S. Fortuna Street in Mandaue City with a gross floor area of 14,000 sqm—is its first lifestyle shopping destination and is targeted to be completed in 2021.
Last year, CLI already turned over 2,655 sqm of floor area, a portion of the retail area in Base Line Center, to Robinsons Supermarket. This increased the company’s gross leasable area by 33% from 6,297 sqm to 8,952 sqm. When fully operational, Base Line Center, CLI’s first mixed-use project, will feature over 4,700 sqm of office spaces and 5,900 sqm of retail area.
The company also offers retail spaces in its residential condominiums that contribute 500 to 1,000 sqm of CLI’s gross leasable area. “Our leasing business complements our residential developments, allowing us to provide complete and gratifying experience to the communities that we build and customers that we serve,” said Soberano.
In addition to leasing, CLI also looks at generating more recurring earnings from its ever-expanding hotel portfolio. The developer is set to operate over 1,000 hotel rooms within the next four years.
“With the continuous growth of the hospitality industry in VisMin, demand for hotel rooms will definitely rise. Cebu Landmasters is at the forefront in providing what the market needs, especially those that travel a lot, from hotel rooms to serviced residences,” said Soberano.
Citadines Cebu City—CLI’s first of the four hotels to be managed by The Ascott Limited—will be operational this 2019 with 180 hotel room units.
Other hotels to be managed by The Ascott Limited are Citadines Paragon Davao, Citadines Bacolod City and lyf Cebu City. CLI also signed a partnership deal with the Radisson Hotel Group for the first Radisson Red in the Philippines, which will be in Astra Centre. Radisson Red is the international chain’s lifestyle brand for the millennial mindset. (PR)