Cebu Landmasters Inc. (CLI) acknowledged deficiencies in its applications for licenses to sell and said it will comply with regulatory requirements before proceeding with project launches this year.

In a statement Tuesday, CLI said deferred launches were primarily due to regulatory requirements it needed to address as the Department of Human Settlements and Urban Development (DHSUD) strengthens its licensing and permitting process.

DHSUD Region 7 earlier said the nonissuance of licenses was due to deficiencies and compliance concerns in CLI applications.

Some CLI projects were issued notices of deficiency (NDRs) over incomplete submissions, discrepancies in building permit classifications, pending documents and other technical and regulatory concerns.

CLI said it has addressed the requirements and is pursuing project launches within the year.

The company also expressed support for DHSUD's regulatory initiatives, saying stronger standards and compliance are important to the housing and real estate sector.

CLI President and Chief Executive Officer Jose Franco Soberano said the requirements were intended to strengthen industry standards and ensure compliance.

CLI said it will continue working with DHSUD and other government agencies to ensure its projects are delivered responsibly to buyers and communities.

DHSUD said reforms have resulted in zero overdue regulatory applications across its regional offices since June. Applications are acted on within the prescribed 15-day period through approval, disapproval or issuance of an NDR when requirements remain incomplete.

Applicants issued NDRs are given 90 days to comply.