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MANILA, Philippines —  Property developer Cebu Landmasters Inc. (CLI) has received approval from the antitrust body to proceed with its joint venture with a Singapore-based builder for the construction of high-end residences in Cebu City.

CLI is a step closer to realizing another residential project in Cebu after receiving clearance from the Philippine Competition Commission (PCC) to push through with its joint venture with NTT UD Asia Pte. Ltd.

CLI and NTT UD Asia had notified the PCC about their plan to incorporate CLI NUD Ventures Inc., which will be tasked to develop premium-grade condominiums in Cebu IT Park.

The parties submitted their proposal for PCC review in September 2023. CLI will own 60 percent of the joint venture, while NTT UD Asia will manage the remainder, keeping in line with the country’s foreign ownership restrictions.

CLI and NTT UD Asia have yet to disclose the amount that they will invest in the joint venture. However, a review from the competition body is triggered if the size of the party is P7 billion and above and the size of transaction is at least P2.9 billion.

With the PCC clearing the transaction, CLI and NTT UD Asia may proceed with the final steps to get their joint venture up and running.

As announced, CLI and NTT UD Asia want to combine their expertise and resources to develop upscale towers in Cebu IT Park, one of the biggest business districts in Cebu City.

CLI manages a portfolio of real estate in Visayas and Mindanao, while NTT UD Asia focuses on mixed-use development abroad.

Recently, shareholders have approved CLI’s plan to embark on a P5 billion offering of preferred shares to fund its capital expenditures. CLI intends to sell three million Series A preferred shares, with an oversubscription option of up to two million Series A preferred shares, at P1,000 a piece.

Source: https://qa.philstar.com/business/2024/02/16/2333628/cli-secures-pcc-approval-jv-singapore-builder?fbclid=IwAR2BEzN4LU1jW7g6MTT2K1t_Zi5svpabeXKMbwrNWG4EiyQcjsLC93_IJ5o