LISTED property developer Cebu Landmasters, Inc. (CLI) has secured regulatory approval to register a new subsidiary as it prepares to expand into Luzon.
The company received the certificate of incorporation for CLI Luzon Ventures, Inc. from the Securities and Exchange Commission on March 18, CLI said in a regulatory filing on Wednesday.
CLI Luzon Ventures will primarily engage in acquiring and managing real estate assets, including buildings, tenements, factories, edifices, and other structures.
In January, CLI said it is allocating P12 billion for the initial phases of its two maiden Luzon projects, which include a horizontal development and a condominium.
The first Luzon project is set to launch by 2026.
Earlier this month, CLI said it was included in the P300-million ATR Asset Management Philippine Sustainable Development Growth Fund, which comprises the top 20 listed companies demonstrating strong environmental, social, and governance (ESG) performance while maintaining financial growth.
The fund, which recognizes companies for sustainability efforts, is the third best-performing equity fund in the Philippines, delivering an 18% year-to-date return as of December 2024.
Since its establishment in 2003, CLI has launched nearly 130 projects across 17 cities.
Its portfolio includes residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects, and large-scale townships.
CLI shares were unchanged at P2.69 apiece on Wednesday. – Revin Mikhael D. Ochave
