TOP Cebu-grown real-estate companies have combined forces for a vertical housing project meant to further expand their footprint in the Queen City of the South.
In a Monday disclosure with the local bourse, Cebu Landmasters reported that it recently forged a partnership with Aboitiz Land Inc. (AboitizLand) to form Aboitiz CLI Cebu Developers Inc.
The joint-venture (JV) company is set to build a mid-market, mixed-use, multi-tower condominium development in Mandaue City. This yet to be named project will be launched next year.
According to CLI Chief Executive Officer Jose Soberano III, the two firms understand well the Cebuano market, being rooted there.
“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,” he said.
For Aboitiz Equity Ventures Inc. (AEV) President and CEO Erramon Aboitiz, AboitizLand remains grounded where it originated even if it’s aggressively expanding in Luzon and Metro Manila.
“This partnership aligns with our goal to continue to strengthen our presence here with current and future developments,” he said.
For 25 years, AboitizLand has been making innovative concepts translated to thriving industrial, commercial and residential communities.
The real-estate arm of AEV widened its reach on a national scale in 2015, when it saw the growth potential of various integrated communities across the country.
CLI, on the other hand, started in 2003, and went public in 2017. The publicly listed company is currently the leading developer in the Visayas and Mindanao areas, where it has a total of 58 projects in various stages of development.
Image credits: Contributed Photo