Cebu Landmasters Inc. (CLI), a leading property developer in the Visayas and Mindanao (VisMin) region, has announced its first international joint venture, partnering with NTT UD Asia Pte. Ltd. (NTTUDA), a subsidiary of the renowned NTT Urban Development Corporation (NTTUD).
This marks a significant milestone for CLI as it embarks on its first foray into international partnerships.
The joint venture, named CLI NUD Ventures, Inc., aims to develop a Php 6.4 billion ($121 million), two-tower, Japanese-inspired residential project in Cebu City’s bustling IT Park.
This venture not only signifies CLI’s inaugural international collaboration but also represents NTTUDA’s first investment in the Philippines.
NTT Urban Development CEO Hiroshi Tsujigami recently visited CLI Chairman and CEO Jose Soberano III at the company’s headquarters in Cebu IT Park to formalize the partnership.
“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,” Soberano expressed.
The collaboration between CLI and NTTUDA, a global real estate firm and a subsidiary of Japan’s leading telecom provider NTT, is aimed at leveraging both companies’ strengths.
NTTUDA brings its international experience and Japanese-inspired development concepts to the table, while CLI offers its extensive local market knowledge and development expertise.
The planned development will feature over 500 premium residential units, with Tower 1 expected to launch by the fourth quarter of 2024.
It underscores the partnership’s commitment to providing high-quality living spaces that combine the best of Japanese design and functionality with the local charm of Cebu City.
Since its founding in 2003, CLI has grown from a single subdivision project to a diversified developer with more than 100 projects across various segments, including offices, hotels, resorts, mixed-use, retail, and townships.
The company’s expansion reflects its leadership in the VisMin real estate market, a position further solidified by a 2023 study by Colliers International.
This international joint venture is not only a milestone for CLI and NTTUD but also a significant development for the Philippine real estate industry, indicating the growing interest of international investors in the country’s property market. – CebuLifestyleChannel.ph