Listed property developer Cebu Landmasters Inc. said Thursday it has secured regulatory clearance from the Philippine Competition Commission for its joint venture with NTT UD Asia Pte. Ltd.
“The PCC clearance is one of the regulatory requirements for the incorporation and establishment of CLI NUD Ventures, Inc., the joint venture company between CLI and NTT,” the company told the Philippine Stock Exchange.
CLI NUD Ventures Inc., which will be 60 percent owned by Cebu Landmasters, will develop premium-grade residential towers in the heart of Cebu City.
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.
