LISTED Visayas-Mindanao developer Cebu Landmasters Inc. (CLI) is deferring its entry into the Luzon market to 2026, expressing confidence that concerns over an oversupply of residential units in Metro Manila will have corrected.

"The good thing with our timing now is if we do acquire early next year, these are really inventory that will be available in 2026," CLI Chief Operating Officer Jose Franco Soberano told reporters last week.

"As I said, if we do acquire [Luzon properties], we're looking at launching in 2026."

CLI was earlier reported to be planning to enter the Luzon real estate market as early as this quarter.

Last September, CLI said that land acquisition would start this quarter after its board of directors approved the reallocation of P1.9 billion of the more than P3.5 billion in fresh funds raised from a follow-on public offering.

For its initial foray into the Luzon market, CLI was earlier reported to be eyeing a horizontal development likely to be located in General Trias in Cavite and a vertical project in Pasig City.

"When it comes to housing, we are very confident," Soberano said, noting that they were planning to build 2,000 units on more than 20 hectares of property.

"For condo development, we're really looking at good value for money sites," he added.

He noted that pre-selling of a development with an installment program of up to five years was helping buyers to plan their home ownership.

Cebu Landmasters last week reported a 7-percent increase in its net income to P2.3 billion, from P2.2 billion a year earlier.

Revenue was said to have grown by 9.2 percent to P14.1 billion as strong demand boosted property sales by 8.7 percent to P13.8 billion.

The company launched P8.2-billion worth of projects from January to September, covering 1,664 residential units. Of this, 57 percent was for the mid-market segment, while 32 percent was for the economic segment.

CLI shares closed up 4.44 percent at P2.82 apiece last Friday.