CEBU Landmasters, Inc. (CLI) is partnering with International Builders Corp. (IBC) to develop a P1.5-billion condominium project in Iloilo City.

The listed Cebu-based property developer told the stock exchange yesterday it forged a joint venture agreement with IBC Chairman Alfonso G. Tan to build a residential tower in downtown Iloilo.

CLI will manage and own 50% of the high-rise building, which is scheduled to be completed in four years.

IBC, which has expertise in construction, will build a mall at the same time to complement the condominium.

“We are very proud to forge this partnership with Mr. Alfonso Tan and his family. He has established IBC as the leading construction firm in the region, and both our homegrown companies are motivated by the opportunity to contribute further to Iloilo’s exceptional growth,” CLI Chief Executive Officer Jose R. Soberano III said in the statement.

While working on the residential tower, CLI said it is simultaneously building almost 1,200 units of house and lot under the Casa Mira brand in a 14-hectare property in Jaro, Iloilo.

CLI is currently present in Visayas and Mindanao through starter homes, residential condominiums, top-end residential units, mixed-use complexes and hotels.

In October, it said it was building 58 projects in 10 key cities in Visayas and Mindanao as it targets to reach 200,000 square meters of property by 2023. It also aims to have 1,350 hotel rooms in seven locations by 2022.

CLI booked a net income of P1.65 billion in the nine months to September, surging 77% from a year ago, as revenues jumped 61% to P5.95 billion.

The property firm said its reservation sales propelled its profits during the three-quarter period as it reached a record-high P9.2 billion at the end of September.

Shares in CLI at the stock exchange ended flat at the close of Monday’s trading to P4.70 apiece. — Denise A. Valdez