Aboitiz, CLI form joint venture
Aboitiz Land Inc. (AboitizLand), the real estate arm of conglomerate Aboitiz Equity Ventures Inc. (AEV), and Cebu Landmasters (CLI) have partnered for a mixed-use project.
Their first joint-venture under Aboitiz CLI Cebu Developers Inc. will be a mid-market, mixed-use, multi-tower condominium development in Mandaue City. The unnamed project is scheduled to be launched in 2020.
“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,” CLI chief executive officer Jose Soberano III said.
Erramon Aboitiz, president and CEO of Aboitiz Equity Ventures, said AboitizLand continues its aggressive expansion in Luzon and Metro Manila but remains grounded in its Cebuano roots.
“This partnership aligns with our goal to continue to strengthen our presence here with current and future developments,” he said.
This developed as AboitizLand also entered into a 50/50 partnership agreement with Point Blue, a pioneer in the integrated microstudio market for expansion in Metro Manila.
The partnership of AboitizLand and Point Blue will drive rapid growth in an innovative new category in the real estate sector: microstudio rental apartments within walking distance of Metro Manila’s Central Business Districts.
“This strategic joint venture partnership allows us to offer the same elevated way of living for young urban professionals in Metro Manila,” said Rafael de Mesa, AboitizLand first vice president of operations.
Point Blue designs, develops and manages apartment units that range from 10 to 15 square meters in size and are rented out from P12,000 to P15,000 monthly all-in.
The microstudios are leased ready for move-in and all units are equipped with a bed, ample storage space, a desk and chair, roller blinds, air-conditioner, microwave and free high-speed internet. There is also a private shower, water heater and bidet also come standard with each unit.
All Point Blue buildings are located within a 15-minute walk to central business districts like Makati or BGC, making them perfect housing alternatives for the millions of traffic-weary professionals who have to commute in and around the metro daily for work.