Two of the country’s regional real estate leaders have joined forces to expand their foothold in Cebu.
AboitizLand Inc., the Cebu real estate arm of conglomerate Aboitiz Equity Ventures (AEV), and VisMin leading developer Cebu Landmasters (CLI) recently sealed a partnership to form Aboitiz CLI Cebu Developers Inc.
The joint-venture company’s project is a mid-market multi-tower condominium to be constructed on a 12,405-square meter lot along P. Basubas Street in Mandaue City. The project, which is yet to be named, is 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,” says CLI chief executive officer Jose Soberano III.
Erramon Aboitiz, president and CEO of Aboitiz Equity Ventures, says: “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.”
The alliance of the two firms is evidence of the continually prospering real estate business in Cebu and a combination of both company’s strengths is favorable for Cebu real estate market and industry.
The real estate arm of AEV, AboitizLand has been in the industry for 25 years. The company has been creating better ways to live through innovative concepts translated to thriving industrial, commercial, and residential communities. The firm went national in 2015 after it saw growth potential in different integrated communities all over the Philippines.
Cebu Landmasters is a home-grown real estate company that started in 2003 and went public in 2017. The listed company is now the leading developer in the Visayas-Mindanao area and was recently named as Best Developer in the country by PropertyGuru during the Philippines Property Awards 2019.