CLI partners with SG-based firm to build Cebu condo

MANILA  -Cebu Landmasters Inc. (CLI) has entered into a joint venture agreement with a Singapore-based commercial property developer to build a residential tower in Cebu as it seeks to cement its presence in the largest island in Visayas.

In a disclosure on Friday, the listed property builder said it was establishing the venture named CLI NUD Ventures Inc. with NTT UD Asia Pte. Ltd. (NTTUDA). Both parties are now preparing formal notifications before the Philippine Competition Commission to secure regulatory approval.

As the majority owner of the venture, CLI will have a 60-percent stake while the rest is held by NTTUDA.

It is expected to “generate substantial profits and enhance CLI’s cash flow through successful project development,” the listed company said.

The Cebu project, details of which have yet to be disclosed, will form part of CLI’s residential portfolio comprising over 37,000 units worth P122 billion. It has more than 116 developments across 16 locations in the Visayas and Mindanao.

In the first half, the developer launched six projects amounting to P13.5 billion. These include new towers at Casa Mira Towers Palawan and Costa Mira Beachtown Panglao and a house and lot project called Casa Mira Homes Davao.

READ: Cebu Landmasters net income grows 32%, hits record-high reservation sales

The company has so far spent P5 billion in capital expenditures, about 79 percent of which went to residential development. About 12 percent was earmarked for land acquisitions while the remaining 9 percent was for investment property.

The developer saw its net income improve by 9 percent to P1.68 billion in the first semester as revenues soared by 23 percent to P9.15 billion. INQ