THE PHILIPPINE Competition Commission (PCC) has cleared Singapore-based real estate firm NTT UD Asia Pte. Ltd. to acquire a 40% stake in Cebu Landmasters, Inc.’s (CLI) Luzon subsidiary, CLI Luzon Ventures, allowing the Visayas-Mindanao developer to proceed with its planned residential and mixed-use expansions in Luzon.
In a regulatory filing on Monday, CLI said the PCC approved NTT UD Asia’s proposed subscription to 40% of voting shares of CLI Luzon Ventures, which is tasked with leading the company’s developments in Luzon.
NTT UD Asia, a unit of Japan’s NTT Group, partnered with CLI in 2024 for a P9.2-billion residential project in Cebu IT Park, Cebu City.
CLI said it is earmarking P12 billion for the initial construction of its two maiden Luzon projects. The first project, planned along Ortigas Avenue Extension in Pasig City, will include mainly residential units with mixed-use spaces.
For its upcoming horizontal residential developments, CLI is looking at southern Luzon provinces such as Batangas and Cavite.
Last year, CLI marked its first Luzon presence with a 329-square-meter office space at the CWC Design Center in Makati City.
CLI currently manages 131 projects across 17 cities, including residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects, and large-scale townships.
CLI Chairman and Chief Executive Officer Jose R. Soberano III said the company is targeting to launch its first Luzon project by 2026.
In the first nine months of 2025, CLI posted a 6% increase in consolidated net income to P3.1 billion from P2.9 billion a year earlier.
At the local bourse on Tuesday, CLI shares closed unchanged at P2.49 apiece. — Beatriz Marie D. Cruz
