SEC clears CLI rental pool offer for 443 units
THE Securities and Exchange Commission (SEC) has approved Cebu Landmasters, Inc.’s (CLI) rental pool program, allowing the listed property developer to sell units as investment contracts while keeping ownership of the properties.
In a statement on Thursday, the SEC said it approved the issuance of 180 certificates of participation for CLI Premier Hotel International, Inc. and 263 certificates for YHES Premier Hotel, Inc., a subsidiary that is 50% owned by CLI.
The approval is still subject to the submission of some remaining documents, the commission said.
The CLI Premier certificates cover 132 studio executive units, 47 one-bedroom units, and one two-bedroom unit at the Citadines Cebu City project, with prices ranging from P4.9 million to P6.8 million each.
Under the program, certificate holders of CLI Premier receive 40% of the net rental income from units leased as hotel rooms, plus 10 complimentary nights with breakfast each year.
The YHES Premier certificates cover 180 studio units, 73 one-bedroom units, and 10 two-bedroom units at the Citadines Paragon Davao project, which is scheduled to start operations in the second half of 2026.
“Unit owners are automatically qualified to participate in the rental pool program, upon full payment of their units in the serviced-residence condotel project which operates under the Citadines brand of The Ascott Limited,” the SEC said.
Certificate holders of YHES Premier are entitled to a 40% share of net rental profits from the pooled units, plus 15 complimentary nights of stay each year.
On the stock exchange on Thursday, CLI shares remained unchanged at P2.36 each. — Alexandria Grace C. Magno
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