CEBU Landmasters, Inc. (CLI) has secured approval from the Securities and Exchange Commission (SEC) to establish a joint venture (JV) company with Martinez Agricultural Corp. (MAC) for a mixed-use project in midtown Cebu.
The JV company, CLI MAC Developers, Inc., will develop properties into a mixed-use project featuring residential condominiums and a retail component, CLI said in a regulatory filing on Thursday.
CLI said the JV company received its SEC Certificate of Incorporation on Thursday.
In August last year, CLI and MAC signed a P373.59-million JV agreement to develop the project. Of the total investment, 60% is from CLI, while 40% is from MAC.
“CLI’s new joint venture with MAC aims to develop a residential condominium project that addresses the ongoing need and demand for housing in the project area,” CLI said.
Last month, CLI said it is allocating P12 billion for the initial phases of its two maiden projects in Luzon, which include a horizontal development and a condominium project. The company expects to launch its first Luzon project by 2026.
Since its establishment in 2003, CLI has launched nearly 130 projects across 17 cities. Its portfolio includes residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects, and large-scale townships.
On Thursday, CLI shares rose by 0.38% or one centavo to P2.66 apiece. – Revin Mikhael D. Ochave
