Cebu Landmasters Inc., a listed property developer whose home market is the Visayas and Mindanao, said it recently secured its first international partnership through a joint venture with Japan-based NTT UD Asia Pte. Ltd., a subsidiary of NTT Urban Development Corp.
The joint venture, CLI NUD Ventures Inc., will develop a P6.4-billion, two-tower, Japanese-inspired residential development in the heart of Cebu IT Park. The twin towers will have 500 premium dwelling units, with the first tower expected to be launched in the last quarter of this year.
Leading property developer in VisMin Cebu Landmasters Inc. (CLI) announces its first international partnership, signing a joint venture agreement with global Japan-based real estate firm NTT UD Asia Pte. Ltd. (NTTUDA) which is a subsidiary of NTT Urban Development Corporation (NTTUD) to form CLI NUD Ventures, Inc. NTT Urban Development CEO Hiroshi Tsujigami made a courtesy visit to CLI Chairman and CEO Jose Soberano III and they held a ceremony to celebrate the establishment of this partnership at the listed company’s headquarters in Park Centrale Tower in Cebu IT Park.
“We are excited about this new venture, especially since this marks CLI’s first joint venture partnership with a well-renowned foreign business group. This is a testament that CLI is meeting international standards–especially Japanese, reflecting our hard work and commitment to the markets we serve,” said CLI chairman and chief executive officer Jose Soberano III in a statement.
“I am pleased to announce the formation of a partnership with CLI, allowing us to participate in our first project in the Philippines. Leveraging the development capabilities cultivated through our domestic and international business activities, along with CLI’s extensive track record in property development, to jointly differentiate our products and enhance the selling point, we can provide a better life for the people of the Philippines,” said NTTUD CEO Hiroshi Tsujigami.
NTTUD is a global real estate firm based in Japan and a subsidiary of the country’s leading telecom provider, NTT. NTTUD started its global business in the United Kingdom in 2009 and has since been proactively expanding its global business by working on mixed development, office and residential projects. The company’s partnership with CLI is its first in the Philippines.
Since its single subdivision project in 2003, CLI has expanded into offices, hotels and resorts, mixed-use, retail and townships. It now has more than 100 projects, mostly in Visayas and Mindanao. It will venture into Luzon this year.
