CLI, Singapore firm ink project deal

By Brix Lelis | The Manila Times
September 21, 2023

LISTED Visayas-Mindanao property developer Cebu Landmasters Inc. (CLI) on Wednesday said that it had partnered with Singapore-based NTT UD Asia Pte. Ltd. for a joint venture entity, CLI NUD Ventures Inc., to construct residential towers in Cebu City.

“This is to disclose to the exchange that both companies are now preparing formal notifications to the Philippine Competition Commission (PCC) and intend to secure PCC clearance for the new joint venture company,” CLI said in a statement.

CLI said the soon-to-be-developed residential towers would be added to its over 116 developments across the Visayas and Mindanao regions.

“CLI remains at the forefront of the action while maintaining a strong financial and operational discipline in order to healthily sustain the company’s growth. This is the CLI way,” CLI Chairman and Chief Executive Officer Jose Soberano 3rd said.

For the six months ending June 2023, CLI’s consolidated net income jumped by 32 percent to P2.1 billion from P1.6 billion year on year.

The firm said it also reached a record-high first-semester reservation sales of P10.5 billion, up 36 percent from the same period last year.

Meanwhile, rental revenues were said to have surged by 41 percent to P50 million on the back of rental increases and higher occupancy.

CLI’s share price remained unchanged at P2.55 apiece on Wednesday.