VisMin Cebu Landmasters Inc. (CLI) announced its first international partnership, recently signing a joint venture agreement with global Japan-based real estate firm NTT UD Asia Pte. Ltd. (NTTUDA) which is a subsidiary of NTT Urban Development Corporation (NTTUD) to form CLI NUD Ventures, Inc.
NTT Urban Development CEO Hiroshi Tsujigami made a courtesy visit to CLI Chairman and CEO Jose Soberano III and they held a ceremony to celebrate the establishment of this partnership at the listed company’s headquarters in Park Centrale Tower in Cebu IT Park.
“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 said.
“I am pleased to announce the formation of a partnership with CLI, allowing us to participate in our first project in the Philippines. Leveraging the development capabilities cultivated through our domestic and international business activities, along with CLI’s extensive track record in property development, to jointly differentiate our products and enhance the selling point, we can provide a better life for the people of the Philippines,” Tsujigami added.
For its pioneer project, CLI NUD Ventures, Inc. is looking to develop a Php 6.4B two-tower, Japanese-inspired residential development in the heart of Cebu IT Park. With just over 500 premium dwelling units, Tower 1 is projected to be launched by Q4 2024.
NTTUD is a global real estate firm based in Japan and a subsidiary of the country’s leading telecom provider, NTT. NTTUD started its global business in the United Kingdom in 2009 and NTTUD has been proactively expanding its global business by working on mixed development, office and residential projects. The company’s partnership with CLI is its first in the Philippines.
Meanwhile, since its inception in 2003 with a single subdivision, CLI has expanded exponentially by venturing into offices, hotels and resorts, mixed-use, retail and townships. In the past 20 years, CLI has evolved into a multi-billion-peso public company with more than 100 projects in various categories and different stages of development across 16 key cities across Visayas and Mindanao.
According to a 2023 real estate market study by property expert Colliers International, CLI solidified its position as the market leader in the VisMin region. CLI previously announced that it will soon expand to Luzon.