CLI’s revenue from real estate sales saw a significant uptick, rising 20% to PHP 18.5 billion, fueled by strong demand for its residential properties. The company achieved record-breaking reservations of PHP 20.6 billion, marking a 14% increase from the previous year.
Moreover, CLI launched 10 new projects in 2023, valued at PHP 18.7 billion, with an impressive 63% sell-out rate within less than a year. The completion of these projects resulted in a blended total portfolio sell-out rate of 93%.
In addition to its core real estate business, CLI’s recurring income projects, including hotel operations and leasing, experienced remarkable growth rates. The company’s hotel operations grew by 66% to PHP 139 million, while leasing went up by 42% to PHP 112 million.
CLI has also expanded its hospitality portfolio, adding two new hotels to its offerings, bringing the total to three. The company now boasts nearly 800 room keys, with seven more hotel projects underway to drive future revenue growth.
Furthermore, CLI has initiated a public offering of its preferred shares totaling PHP 3 billion, with an additional PHP 2 billion oversubscription. The proceeds from this offering will provide CLI with a substantial capital infusion to support strategic initiatives and expansion projects.
In a significant development, CLI announced its first international partnership with Japan-based real estate firm NTT UD Asia Pte. Ltd. The joint venture aims to develop a PHP 6.4 billion, two-tower, Japanese-inspired residential complex in Cebu IT Park.
Looking ahead, CLI has earmarked PHP 27 billion for new developments in its pipeline, including expansion projects in various regions. With a strong financial performance, diversified revenue streams, and strategic expansion initiatives, CLI is well-positioned for continued growth and success in the coming years.
