CEBU CITY—Cebu Landmasters Inc. (CLI) and joint venture partner NTT Urban Development (NTT-UD) of Japan will launch the P6-billion Wave Towers, a two-tower premium residential project in Cebu IT Park this month, targeting the high-end market in Cebu.
CLI chief operating officer Jose Franco Soberano said in an interview following the company’s annual stockholders meeting the first phase of The Wave would offer 700 units with prices ranging from P250,000 to P300,000 per square meter.
Soberano said the project could generate up to P12 billion in sales.
Wave Towers will offer a mix of units, with 60-percent studios and 40-percent one-, two- and three-bedroom units.
Studio units range from 25 to 30 square meters and are designed with Japanese-inspired space-saving features.
The development also includes a Japanese garden and traditional Japanese finishes in the common areas. All aspects of the design were closely coordinated with NTT-UD, reflecting their emphasis on quality and precision.
“It’s our premium offering here,” a CLI executive said. “For Cebu, the P250,000 to P300,000 per square meter range is already considered premium, although not luxury.”
A project showroom is set to open next week to showcase unit layouts and interior finishes.
CLI in 2024 formed a 60:40 joint venture partnership with NTT-UD, global real estate firm based in Japan and a subsidiary of the country’s leading telecom provider NTT.
CLI expanded its board to 11 members from five and appointed former Rizal Commercial Banking Corp. president and chief executive Eugene Acevedo and outgoing University of Asia and the Pacific (UA&P) president Dr. Winston Padojinog as independent directors.
“With these appointments, five out of CLI’s 11 board members are now independent, reaffirming the company’s dedication to governance, accountability, and diverse board representation,” the company said.
Acevedo is a seasoned banking executive with over 35 years of leadership experience across top local and global institutions in the Philippines, Singapore and Hong Kong.
Padijinog is a widely-respected academic and policy advisor with more than 20 years of experience in education leadership, economic research and governance.
