CLI enters P373 million joint venture with landowner

VisMin developer Cebu Landmasters Inc. (CLI) has forged a P373.59 million joint venture with landowner Martinez Agricultural Corporation (MAC) to develop a mixed-use condominium project.

In a disclosure to the Philippine Stock Exchange (PSE), CLI said it has signed a Joint Venture Agreement with MAC to jointly develop properties into a mixed-use project with residential condominiums and a retail component.

For this purpose, a new joint venture company shall be incorporated to undertake in the development of the mixed-use project. 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 its new joint venture with MAC aims to develop a residential condominium project that is positioned to address the ongoing need and demand of residential condominium in the project area.

Under the joint venture agreement, CLI and MAC shall subscribe to 60 percent and 40 percent, respectively, of the authorized capital stock of the new joint venture entity.

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The article was originally published in Manila Bulletin and written by James A. Loyola.