Cebu Landmasters Inc. (CLI) t has partnered with fellow Cebu-based firm Martinez Agricultural Corp. (MAC) for a mixed-use project with residential condominiums and a retail component.
The company said it will be putting up a joint-venture vehicle with a capitalization of P373.59 million with CLI contributing 60 percent, a disclosure to the stock exchange said.
CLI did not specify where the development will be located.
“The parties are in the process of preparing the necessary incorporation papers and application documents. Once completed, these will be lodged and submitted to the pertinent government bodies and regulatory agencies, for review and approval,” CLI said.
CLI earlier said it looks to spend P14.5 billion this year, up 12.4 percent from the prior year’s P12.9 billion, to continue various realty project.
The company also said it will be launching more projects that cater to the high-end segment of the property market.
