CLI to spend P15 B for expansion this year

Cebu Landmasters Inc. (CLI), a listed property developer focused in the Visayas and Mindanao, plans to continue its aggressive capital spending this year to support its ongoing expansion, including the company's planned entry into the Luzon market.

- RICHMOND MERCURIO

CLI chief finance officer Grant Cheng said the company has allocated about P15 billion for its capital expenditures (capex) budget this year.

"That includes ongoing capex for ongoing projects and those that are launched. So we're building up all the projects we've launched in the recent past, potential land acquisitions and as well as projects that we are newly launching like the one in Cagayan de Oro," Cheng said.

"Right now, we have a lot of projects. We launched in General Santos. We have ongoing projects in Iloilo, Bacolod, Ormoc and of course, Cebu," he said.

CLI last week raised P5 billion from its first sustainability-linked bond issuance. The company is considering raising another P5 billion later this year from another sustainability-linked bond issuance.