VisMin developer Cebu Landmasters Inc. (CLI) will launch this month the P6.4-billion two-tower premium residential project Wave Towers, a joint-venture with Japan’s NTT Urban Development (NTT-UD)
Located in Cebu IT Park, Wave Towers is expected to generate P12 billion in sales, CLI said.
Based on the project profile, the first phase of Wave Towers will offer 700 studio, one-, two-, and three-bedroom units, with prices ranging from P250,000 to P300,000 per square meter (sq.m.).
The company said this international joint venture is a key milestone in 2024.
“This partnership proves CLI’s credibility in delivering quality products that are of global standard,” said Chairman and CEO Jose R. Soberano III.
NTT UDC is the largest ICT and telecommunications company in Japan and one of the largest in the world.
Speaking at the sidelines of the company’s shareholders meeting last week, Chief Operating Officer Jose Franco Soberano said plans are underway for the development of its first project in Metro Manila, a 3.5-hectare property in Pasig City.
Soberano said the mixed-use nine-tower development is in Ortigas Avenue Extension.
Soberano said the full development of the property will be done in phases and is timed for the recovery of the property market, given the current oversupply of condominium units in Metro Manila.
“We’ll observe and then we’ll compare because like in Pasig, there are also other developers. So we’ll do more competitive products, more unique products, targeting the end-user,” he said.
“The Pasig project is one of two developments CLI is looking at in Luzon.
In January of this year, Soberano III announced the company is spending an initial P12 billion for the first phase of its planned Luzon projects — condominium towers and a horizontal project.
Soberano said CLI is in talks with landowners for its horizontal project, which will be located somewhere in the CALABARZON .
On July 11, CLI shareholders elected former Rizal Commercial Banking Corp. President and CEO Eugene Acevedo, as well as University of Asia and the Pacific President Winston Padojinog as new independent directors. The company has expanded the number of its independent directors to five and the total board seats to 11.
CLI said the election of Acevedo and Padojinog reinforces its commitment to transparency and strategic oversight.
