ABOITIZLAND Inc. and Cebu Landmasters Inc. (CLI) entered into a joint venture project to cement their foothold in Cebu.

The two companies formed the Aboitiz CLI Cebu Developers Inc., the company that will develop a mid-market, mixed-use and multi-tower condominium in the former Metaphil property in Mandaue City.

The project, which is yet to be named, is scheduled to be launched in 2020 and is expected to have four buildings with about 500 units each once completed.

“With our roots in Cebu, AboitizLand and CLI understand the Cebuano market well,” CLI chief executive officer Jose Soberano III said. “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.” Soberano was looking forward to more joint venture projects with the property arm of publicly listed Aboitiz Equity Ventures (AEV).

“We continue to be very bullish about it. The market continues to be hot, we anticipate more exciting projects not just from us but even from our peers in the national and regional field” Soberano III said.

AEV president and CEO Erramon Aboitiz said: “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. (Michael Rey M. Cortes, contributor with PR)