CLI Posts Record 2024 Results, Strengthens Corporate Governance with New Independent Directors

(L - R) Dr. Winston Conrad B. Padojinog and Eugene S. Acevedo

Cebu Landmasters, Inc. (CLI) welcomes former RCBC president and CEO Eugene Acevedo and UA&P president Winston Padojinog as new independent directors as it expands board seats to 11.

Leading developer in VisMin, Cebu Landmasters (CLI) delivered record financial results in 2024 and reinforced its commitment to strong corporate governance with the election of two new independent directors. The announcements were made at its Annual Stockholders’ Meeting, held on July 11 at Citadines Cebu City and livestreamed nationwide.

“2024 was a year of masterful innovation,” said Chairman and CEO Jose R. Soberano III, as the listed company rose above economic headwinds to deliver record revenues of P19.5 billion, an 8% growth in net income attributable to parent shareholders, and strong operating cash flows of P4.3 billion.

The company’s market share in VisMin rose to 19.3%, further cementing CLI as the region’s top real estate player. It declared a cash dividend of P0.18 per share, consistent with a 15% compound annual growth rate in dividends since its 2017 IPO, bringing total shareholder returns to P3.8 billion.

“As we enter 2025, we do so with clarity and confidence, ready to expand beyond our VisMin roots with our brand of homegrown excellence,” said Soberano. “Innovation is not just a goal, it is our dedication to improve our processes, better our customer experience and our promise to deliver smarter, more sustainable, and thriving communities.”

Chief Financial Officer B. Grant Cheng also reported CLI’s solid financial foundation and resilient capital strategy in 2024. “What we launch, we sell out. And what we sell, we deliver and collect reliably,” Cheng said. 

CLI Chief Operating Officer Jose Franco Soberano highlighted, "CLI achieved P20.58 billion in reservation sales, an outlier amidst the slowdown in Luzon, reflecting CLI’s agility in maximizing demand in VisMin." 

With over 94% of launched inventory sold and around P85 billion in contracts receivable—backed by low delinquency rates—CLI showcases strong market demand, disciplined execution, and a consistently healthy cash conversion cycle.

Among the year’s key launches were Velmiro Heights Davao and Mindara Residences also a project in Davao, both sold out within days. CLI has now launched nearly 130 projects across 18 cities in VisMin, with its Luzon expansion already underway.

CLI’s preferred shares offering was oversubscribed by 1.4 times, giving the company additional flexibility to fund its development pipeline. Cheng noted that CLI’s capital strategy is built around aligning debt maturities with project cash inflows, reducing refinancing risk while supporting aggressive yet responsible growth. 

The company also made significant strides in diversifying its revenue streams. In 2024, hospitality revenues grew by 74%, while commercial leasing income increased by 45%, reflecting progress toward building a strong recurring income portfolio and an eventual REIT listing.

A key milestone in 2024 was CLI’s international joint venture with Japan’s NTT Urban Development Corporation, the largest ICT and telecommunications company in Japan and one of the largest in the world, to develop the PHP 6.4 billion The Wave Towers in Cebu IT Park. “This partnership proves CLI’s credibility in delivering quality products that are of global standard,” said Soberano. 

The company’s major estate developments in Davao and Cagayan de Oro also continue to take shape, attracting institutional investors such as Insular Life and BDO Unibank—a strong signal of confidence in CLI’s long-term vision for its master-planned communities.

Beyond real estate, CLI’s impact extended into social responsibility through the Cebu Landmasters Foundation, which turned over a mid-rise sustainable housing project Tipolo Residences 2 to the Mandaue City LGU for the fire victims of the city. It also expanded education and livelihood programs, reaching over 500 farmers, scholars, and trainees.

CLI has also expanded its Board of Directors from nine to 11 members, appointing two seasoned independent directors as part of its strategic move to future-proof the company and enhance governance amid plans for greater scale and complexity.

“This isn’t just about board expansion—it’s about adding leadership that challenges us, inspires fresh thinking, and guides CLI into its next decade of innovation and growth,” said Chairman and CEO Jose R. Soberano III.

Joining the board are:

Eugene S. Acevedo most recently served as the former President and CEO of RCBC. He is a seasoned banking executive with over 35 years of leadership experience across top local and global institutions in the Philippines, Singapore, and Hong Kong. With deep Cebuano roots, he is known for driving innovation and transformation, and was recognized as one of the People of the Year 2024 by People Asia Magazine, the only banker included in the distinguished list. A magna cum laude Physics graduate and Harvard-trained leader, he also serves on the boards of the Asian Institute of Management and the University of San Carlos.

Dr. Winston Conrad B. Padojinog is the outgoing President of the University of Asia and the Pacific (UA&P) and the Center for Research and Communication. He is a widely respected academic and policy advisor with more than 20 years of experience in education leadership, economic research, and governance. His academic background spans UP Visayas, UA&P, and De La Salle University, reflecting a strong foundation in policy, education, and sustainable enterprise.

With these appointments, five out of CLI’s 11 board members are now independent, reaffirming the company’s dedication to governance, accountability, and diverse board representation.

During the stockholders’ meeting, all agenda items were approved, including the audited financial statements, appointment of external auditor, and ratification of board acts. Stockholders also ratified a change in the company’s by-laws, officially moving the Annual Stockholders Meeting to the second week of June starting 2026.

CLI is a leading developer in the Visayas and Mindanao region, specializing in residential, office, hotel, resort, co-living, mixed-use, and township projects.