CLI partners with Singaporean to build prime condos

VisMin developer Cebu Landmasters Inc. (CLI) has entered into a joint venture agreement with NTT UD Asia Pte. Ltd. (NTTUDA) of Singapore to develop premium-grade residential towers in the heart of Cebu City. 

In a disclosure to the Philippine Stock Exchange (PSE), CLI said both companies are now preparing formal notifications to the Philippine Competition Commission (PCC) and intend to secure PCC clearance for the new joint venture company.

The new joint venture vehicle will be known as CLI NUD Ventures, Inc. with CLI owning 60 percent while NTTUDA will have a 40 percent stake in keeping with legal restrictions on foreign ownership of real estate companies.

CLI said the investment for the joint will be disclosed once the new company has been incorporated. The partnership is seen to generate substantial profits and enhance CLI’s cash flow through successful project development.

NTTUDA was established as an international developer of commercial properties which include office buildings, residences, and other mixed-use developments in South East Asia.

CLI is the leading real estate developer in the Visayas and Mindanao regions with over 116 developments across 16 major Vismin locations. 

To-date, CLI has a residential portfolio encompassing over 37,000 units worth P122 billion that are 90 percent sold over-all as of the second half of 2023. 

This includes its award-winning Premier Masters, Garden-Series, Casa Mira, and Villa Casita Residential offerings. 

“By combining the partners' expertise and resources -- CLI with its mastery of the local real estate industry and NTTUDA with its experience developing mixed-use properties abroad -- both partners expect this joint venture to do well and open opportunities for other collaborations,” CLI said.