Cebu Landmasters Inc said Friday it has signed a joint venture agreement with Japan’s NTT UD Asia Pte. Ltd. to develop premium-grade residential towers in the heart of Cebu City.
The listed property developer from Cebu said a clearance from the Philippine Competition Commission will first be sought before the joint venture company, to be called CLI NUD Ventures, Inc., is finally formed.
Cebu Landmasters will own 60 percent of the joint venture, NTTUDA will hold the balance.
The listed property developer, whose main markets are in the Visayas and Mindanao, 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.
NTTUDA was established as an international developer of commercial properties which include office buildings, residences, and other mixed-use developments in South East Asia.
