Developers Aboitiz Land, Inc. (AboitizLand) and Cebu Landmasters, Inc. (CLI) have formed a joint venture that will undertake a mid-market, mixed-use, multi-tower condominium development in Mandaue City.
The project has yet to be named. It will be launched in 2020.
The new joint venture company, Aboitiz CLI Cebu Developers, Inc., represents a milestone for both companies, said CLI chief executive officer Jose R. Soberano III.
“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,” Soberano, a former corporate executive of Ayala Land, Inc., said.
AboitizLand is the real estate arm of Aboitiz Equity Ventures, Inc. (AEV).
Erramon I. Aboitiz, president and CEO of AEV, said this collaboration shows that AboitizLand has not forgotten its Cebuano roots.
“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,” Aboitiz said.
The two companies formally sealed their partnership with the signing of a Joint Venture Agreement on September 20, 2019.
“The alliance of the two firms is evidence of the continually prospering real estate business in Cebu and a combination of both company’s strengths is favorable for Cebu real estate market and industry,” CLI said in a statement.
AboitizLand has been engaged in property development for 25 years. The firm went national in 2015 along with the rest of the Aboitiz units.
CLI, meanwhile, is a homegrown real estate company that started in 2003 and went public in 2017. (Ventures Cebu)