Cebu Landmasters Inc. (CLI) said it has secured approval from the Philippine Competition Commission for the entry of Japanese firm NTT UD Asia Pte. Ltd. as a partner in its Luzon expansion. The deal allows NTT UD Asia to acquire 40 percent of the voting shares of CLI Luzon Ventures Inc., the unit formed to lead the company’s developments in Luzon.
CLI has already started its Luzon projects, breaking ground in October for the P9.2-billion Wave Towers development, beginning with its first tower, Nagomi, in partnership with NTT Urban Development through their joint venture, CLI NUD Ventures Inc. The company also confirmed it has acquired a 3.5-hectare property in Pasig, which will be its first Metro Manila project.
CLI executives said the company is taking a cautious approach amid concerns over condominium oversupply in Metro Manila, but sees long-term opportunities in key urban areas. The Pasig project, still in the planning stage, may be developed under CLI’s Garden Series or Casa Mira brand and could include up to 5,000 residential units across seven to nine towers over seven to 10 years. The company plans to focus on the middle to upper-middle market, with units priced between P3 million and P7 million.
