THE planned joint venture (JV) between listed property developer Cebu Landmasters, Inc. (CLI) and Singapore-based developer NTT UD Asia Pte. Ltd. (NTTUDA) has secured the approval of the Philippine Competition Commission (PCC).
CLI said in a regulatory filing on Thursday that the competition watchdog issued the clearance on Feb. 6 for the proposed joint venture for the establishment and management of an upscale residential high-rise condominium project at the Cebu IT Park in Cebu City.
The JV will be called CLI NUD Ventures, Inc., in which CLI will have 60% share while NTTUDA will have 40%.
“The PCC clearance is one of the regulatory requirements for the incorporation and establishment of CLI NUD Ventures, Inc., the joint venture company between CLI and NTT,” the property developer said.
CLI announced its planned joint venture with NTT in September last year as part of bolstering its portfolio.
“By combining the partners’ expertise and resources — CLI with its mastery of the local real estate industry and NTTUDA with its experience developing mixed-use properties abroad — both partners expect this joint venture to do well and open opportunities for other collaborations,” CLI previously said.
CLI’s portfolio includes residences, offices, hotels and resorts, mixed-use developments, and townships. Some of its residential brands include Premier Masters, Garden Series, Casa Mira, and Villa Casita.
NTTUDA is an international developer of commercial properties which include office buildings, residences, and other mixed-use developments in Southeast Asia.
For the first nine months of 2023, CLI logged a 9% jump in its attributable net income to P2.4 billion from P2.2 billion, led by higher revenues across business segments.
CLI shares closed unchanged at P2.62 apiece on Thursday. — Revin Mikhael D. Ochave
