The Philippine Competition Commission (PCC) has approved the entry of Singapore-based NTT UD Asia Pte. Ltd. into Cebu Landmasters Inc.’s Luzon expansion vehicle, clearing the way for the foreign developer to acquire a 40-percent stake in CLI Luzon.
In a decision issued after a full review by its Mergers and Acquisitions Office (MAO), the PCC said the transaction is unlikely to result in a substantial lessening of competition in the markets for real estate development and property management.
The antitrust regulator noted that competition in Metro Manila and nearby growth corridors remains robust, with several large national and local property developers continuing to exert competitive pressure on the parties involved. This, the PCC said, would be enough to prevent any potential anti-competitive effects arising from the deal.
As part of its assessment, the MAO conducted interviews with both NTT UD Asia and Cebu Landmasters. The PCC received the compulsory notification for the transaction on July 24, 2025, triggering a detailed review of market structure, overlaps, and potential barriers to entry.
NTT UD Asia is a subsidiary of Japan’s Nippon Telegraph and Telephone Corp. and is engaged in real estate investment, development, and property management across Southeast Asia. The firm has been steadily expanding its footprint in the region through partnerships and joint ventures with local developers.
CLI Luzon, on the other hand, was established by Cebu Landmasters to spearhead its expansion in Luzon, building on its strong track record in residential, office, hospitality, and mixed-use developments in the Visayas and Mindanao.
Under the approved agreement, NTT UD Asia will subscribe to 40 percent of the voting shares in CLI Luzon, formalizing a strategic partnership aimed at accelerating growth in Luzon’s property market.
The PCC’s clearance removes a key regulatory hurdle, allowing the joint venture to move forward with project development plans in one of the country’s most competitive real estate regions.
