CLI, Aboitiz create JVC to develop condo in Mandaue, Cebu

Publicly listed Cebu Landmasters Inc. (CLI) has partnered with the Aboitiz Group for a joint venture company (JVC) which would develop a mixed-use condominium project in Mandaue City, Cebu.

In an emailed statement on Monday, CLI said the JVC — Aboitiz CLI Cebu Developers Inc. — is set to develop a mid-market, mixed-use, multi-tower condominium project.

“The project, which is yet to be named, is scheduled to be launched in 2020,” it said.

“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,” said CLI chief executive officer Jose Soberano III.

The partnership will be done with Aboitiz Land Inc., the real estate arm of Aboitiz Equity Ventures Inc. (AEV).

“As AboitizLand continues its aggressive expansion in Luzon and Metro Manila, we remain grounded in our Cebuano roots,” said Aboitiz Equity Ventures president and CEO Erramon Aboitiz.

“This partnership aligns with our goal to continue to strengthen our presence here with current and future developments,” he added.

CLI has at least 13 completed developments, covering a mix of vertical and horizontal residential projects and a commercial office project.

Among these developments are San Jose Maria Village, Villa Casita, Midori Plains, Asia Premier Residences, Base Line Residences, and Park Centrale Tower.

Meanwhile, Aboitiz Land is involved in residential, commercial, and industrial developments.

Core businesses of AEV, Aboitiz Land’s parent company, also include power generation, distribution, and retail electricity supply; financial services; food manufacturing; infrastructure; and portfolio investments. —KBK, GMA News