LISTED Visayas-Mindanao property developer Cebu Landmasters Inc. (CLI) plans to develop a 24-story residential condominium in Cebu City as part of its new joint venture (JV) agreement with Martinez Agricultural Corp. (MAC).

CLI told the stock exchange last week that the JV with MAC plans to develop a mixed-use development in midtown Cebu, with CLI taking the controlling stake of 60 percent and MAC the remaining 40 percent.

The company said it will be investing P373.6 million in the new JV, which "plans to develop a 24-level residential condominium located at Ramos [Street], Cebu City" with an estimated cost of P1 billion, Jose Franco Soberano, CLI director, senior executive vice president and chief operating officer, said in an email to The Manila Times over the weekend.

"Approximately, the project will have 300 residential units and will be available for selling to address the ongoing demand in the area," he continued.

The development is expected to be launched in the fourth quarter of 2025, with a target completion date of around the fourth quarter of 2030.

CLI and MAC also have an ongoing project called Calle 104, "which is already [sold out] to date," Soberano revealed, adding that the condominium has so far generated P2 billion in sales. Calle 104, also located along F. Ramos Street in Cebu, is said to be "ultra-modern residential tower" designed to make "efficient use of space to facilitate a wide range of activities for its residents."

"The parties are in the process of preparing the necessary incorporation papers and application documents," CLI said last Thursday, referring to the new JV.

Once all the necessary paperwork is completed, the new JV will be subject to the review and approval of pertinent government bodies and regulatory agencies, it added.

The new JV was approved by CLI's board of directors last November and was ratified by its shareholders last June 4.

Cebu Landmasters shares closed at P2.57 apiece last Friday.