Cebu-based property developers AboitizLand Inc. and Cebu Landmasters Inc. have formed a joint venture to build a multi-tower project in Mandaue City.
CLI said in a disclosure to the stock exchange the project that both parties would develop was a mid-market, mixed-use, multi-tower condominium development scheduled to be launched in 2020.
“With our roots in Cebu, AboitizLand and Cebu Landmasters understand the Cebuano market well. 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,” said CLI chief executive officer Jose Soberano III.
Aboitiz Equity Ventures president and chief executive Erramon Aboitiz said AboitizLand remained upbeat on the Cebu property market.
“As AboitizLand continues its aggressive expansion in Luzon and Metro Manila, we remain grounded in our Cebuano roots. This partnership aligns with our goal to continue to strengthen our presence here with current and future developments,” Aboitiz said.