VisMin developer Cebu Landmasters Inc. (CLI), in partnership with NTT UD Asia Pte. Ltd. (NTTUDA, the Singaporean subsidiary of the Japanese firm) is investing ₱6 billion for the development of a ₱12-billion, two-tower residential condominium, which will be its entry into the upper-middle-income segment of the market.

In a press briefing after the firm’s annual stockholders’ meeting, CLI Executive Vice President and Chief Operating Officer (COO) Jose Franco Soberano said the project will be launched next week and will rise in a prime area in Cebu IT Park.

The project will consist of two towers of 42 stories each and will be developed in two phases or one tower at a time.

CLI President and Chief Executive Officer (CEO) Jose R. Soberano III said that while NTT is also interested in affordable housing, “they just saw the opportunity in our two prime lots in Cebu IT Park.”

The project will be a joint venture 60-percent owned by CLI and 40 percent by NTT, said the COO, who noted that, “NTT is a tech-driven organization… and they own 20 percent of PLDT so expect the most connected type of residential offering.”

Soberano added that, “most of our technology in the building is Japanese, from the toilet fixture to the appliances to the smart features…even the flooring system, the lighting… it’s a truly Japanese project.”

He said the project will initially be priced at an average of ₱250,000 to ₱300,000 per square meter (sqm), which, for Cebu, “is already considered in the premium segment, although not luxury.”

“We feel very confident about it because, even if it's more premium, it's still more affordable compared to the premier projects of other developers,” said CLI Executive Director and Chief Finance Officer (CFO) Grant L. Cheng.

He also noted that, “we have a unique differentiator, having a Japanese partner who are meticulous in everything and the unique offering we are providing, and we see the demand even picking up already through our letters of intent.”

Soberano also pointed out that with NTT as their partner, they will also be able to tap into the Japanese market, pointing out that, “Japanese investors are looking at Philippines because their returns are, better. Their yields are negative in Tokyo.”

About 60 percent of the first phase or first tower of the project will be studio units ranging from 25 to 30 sqm, while 40 percent will be for the one-, two-, and three-bedroom units.

“The nice thing about a Japanese partner, they know how to be smart about compact living… How to make a 25- to 30-sqm space look very functional… So we've done a lot of nice cabinetry and joinery designs,” Soberano said.