Aboitizland, Cebu Landmasters form joint venture for Mandaue project
Two of Cebu’s homegrown property developers, Aboitiz Land Inc. and Cebu Landmasters Inc. (CLI) have teamed up to embark on a mixed-use development in Mandaue City.
CLI and Aboitizland, a unit of conglomerate Aboitiz Equity Ventures, formed a joint venture called Aboitiz CLI Cebu Developers Inc.
The partnership will pursue a multitower condominium development in Mandaue that will cater to the middle-income market. This is scheduled to be launched in 2020.
“With our roots in Cebu, AboitizLand and Cebu Landmasters understand the Cebuano market well. Our partnership is a first and a milestone for both companies. We have decided to collaborate for the betterment of Cebu, contributing to quality housing needs of the community,” CLI chief executive officer Jose Soberano III disclosed to the Philippine Stock Exchange on Monday.
Erramon Aboitiz, AEV president and CEO, said: “As AboitizLand continues its aggressive expansion in Luzon and Metro Manila, we remain grounded in our Cebuano roots. This partnership aligns with our goal to continue to strengthen our presence here with current and future developments.”
The alliance is seen as a vote of confidence on Cebu’s “prospering” real estate business. With the combined strength of the two groups, the partnership is seen to bode well for Cebu’s real estate market and industry.
AboitizLand has been in the real estate industry for 25 years. It started a nationwide expansion in 2015 after seeing the growth potential of different integrated communities all over the Philippines.
CLI is a homegrown real estate company that started in 2003 and went public in 2017. It is now a leading developer in the Visayas-Mindanao area. —DORIS DUMLAO-ABADILLA
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