VISMIN property developer Cebu Landmasters, Inc. (CLI) is building on its partnership with Singapore-based real estate firm NTT UD Asia Pte. Ltd. (NTTUDA) to develop a mixed-use project in Pasig City, supporting the company’s Luzon expansion.
Under its second joint venture, the two firms will develop a multi-phase, eight-tower, Japanese-inspired condominium complex, which will be launched by the end of 2026, CLI told the stock exchange on Monday.
The project will have residential and retail components, it said, and will feature efficient space planning, sustainable design, and thoughtfully curated amenities and community areas.
“Through CLI Luzon Ventures, we are bringing our proven execution strengths, together with Japanese-inspired design and development standards, into the highly competitive NCR market,” CLI Chairman and Chief Executive Officer (CEO) Jose R. Soberano III said in a statement on Monday.
NTTUDA is a subsidiary of Japan-based NTT Urban Development Corp. (NTTUD), which specializes in residential, office, and mixed-use developments globally.
Last year, CLI broke ground for The Wave Towers, a 42-storey residential tower within Cebu IT Park. The project, scheduled for completion by 2030, is in collaboration with NTTUDA under their first joint venture, CLI NUD Ventures.
This also follows NTTUDA’s clearance in January of its proposed 40% stake in CLI Luzon Ventures, the listed developer’s subsidiary in charge of its Luzon developments.
“Leveraging the expertise we have cultivated in Japan and overseas, NTTUD will continue to bring fresh perspectives and work together with CLI to create developments that are closely connected to the lives of local communities,” NTTUD President and CEO Kou Ikeda said.
CLI’s portfolio includes 132 projects across 18 cities, encompassing residential, office, hotel, mixed-use, and township developments.
“The partnership with NTTUD strengthens CLI’s geographic diversification while leveraging its proven execution capabilities,” the company said.
At the local bourse on Monday, CLI shares declined by 0.8% or two centavos to close at P2.48 apiece. — Beatriz Marie D. Cruz
