CLI greenlit for Luzon venture with Japan partner

Property developer Cebu Landmasters, Inc. (CLI) secured regulatory approval for a strategic move into Luzon after the Philippine Competition Commission (PCC) cleared NTT UD Asia Pte. Ltd. to subscribe to 40 percent of the voting shares of its subsidiary, CLI Luzon Ventures, Inc.

The company confirmed receipt of PCC certification, dated 9 January, in a stock exchange report on Tuesday.

The clearance paves the way for CLI Luzon Ventures, which was established to lead the company’s developments in the Luzon region.

“Notice is hereby given that CLI received the PPC Certification dated 9 January which provides PCC Clearance for the proposed subscription by NTT UD Asia Pte. Ltd. to 40 percent of the voting shares of CLI Luzon Ventures, Inc.,” the disclosure read.

CLI first partnered with the Japan-based real estate company in 2024.

The collaboration, under the joint venture CLI NUD Ventures, Inc., sought to develop a P6.5-billion, two-tower residential project at Cebu IT Park, offering over 500 units, with Tower 1 scheduled for launch in the last quarter of this year.

The project also marks NTT UD Asia’s first foray into the Philippines. The Japanese firm, a subsidiary of telecom giant NTT, has been operating globally since 2009, specializing in mixed-use, office, and residential developments.

Building on this partnership, CLI is now expanding into Luzon with a P12-billion investment, its first major move outside the Visayas and Mindanao.

Last year, the company opened a 329-sqm office in Makati as part of its push to become a national player.

As part of this expansion, CLI plans residential projects in Laguna, Batangas, and Cavite, starting with a house-and-lot community and a two-tower mixed-use development near Metro Manila.