LISTED property developer Cebu Landmasters, Inc. (CLI) and NTT UD Asia Pte. Ltd. (NTTUDA) will create a new joint venture (JV) company as the two companies partnered to develop residential towers in Cebu City.

“This is also 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 JV company which shall be known as CLI NUD Ventures, Inc.,” CLI said in a stock exchange disclosure on Wednesday.

The new company comes as the partners signed an agreement to develop premium-grade residential towers in Cebu City.

CLI is a real estate developer with over 116 development projects across 16 major locations in Visayas and Mindanao. It currently has a residential portfolio consisting of more than 37,000 units valued at P122 billion.

Its portfolio includes the Premier Masters, Garden-Series, Casa Mira, and Villa Casita Residential offerings.

Meanwhile, NTTUDA is an international developer of commercial properties such as office buildings, residences, and other mixed-use developments in Southeast Asia.

In the first half of the year, CLI’s consolidated net income rose 32% to P2.1 billion versus the P1.6 billion posted a year ago.

On Wednesday, shares of CLI at the local bourse closed unchanged at P2.55 apiece. — Revin Mikhael D. Ochave