Listed Cebu Landmasters Inc. (CLI) has forged its first international tie-up, a joint venture agreement with global Japan-based real estate firm NTT UD Asia Pte. Ltd.
Under the deal, the parties agreed to establish CLI NUD Ventures, Inc., which will undertake a P6.4-billion maiden two-tower residential development at the Cebu IT Park, a 27-hectare business park in Cebu City.
The Japanese-inspired development is planned to have over 500 premium dwelling units.
Its Tower 1 is projected to be launched within the last quarter of the year.
“We are excited about this new venture, especially since this marks CLI’s first joint venture partnership with a well-renowned foreign business group,” CLI Chairman and CEO Jose Soberano III said on Monday.
“This is a testament that CLI is meeting international standards - especially Japanese, reflecting our hard work and commitment to the markets we serve,” he added.
Meanwhile, NTT Urban Development CEO Hiroshi Tsujigami noted that the venture serves the company’s first project in the Philippines.
Thus, he vowed to leverage the company’s capabilities along with CLI’s track record to “provide a better life for the people of the Philippines.”
Based in Japan, NTTUD is a global real estate company and a subsidiary of NTT, the country's leading telecommunications provider.
NTTUD's global operations began in the United Kingdom in 2009, and the company has since actively expanded its portfolio by working on mixed-use, office, and residential projects.
Its partnership with CLI marks its first foray into the Philippines.
On the other hand, CLI was established in 2003 with a single subdivision, which it expanded by venturing into offices, hotels, resorts, mixed-use developments, retail, and townships.
Over the past 20 years, CLI has evolved into a multi-billion-peso public company with over 100 projects in various categories and stages of development across 16 key cities in the Visayas and Mindanao regions.
According to a 2023 real estate market study conducted by property expert Colliers International, CLI has solidified its position as the market leader in the VisMin region. The company has also announced plans to expand to Luzon soon.