P6B Twin-Tower project to rise in Central Cebu

A new residential development is set to rise in Cebu IT Park this month as a joint venture between a local property developer and a Japanese firm prepares to launch a two-tower, high-end project worth %u20B16 billion.

The project, called Wave Towers, is being developed through a joint venture between Cebu Landmasters Inc. (CLI) and Japan-based NTT Urban Development (NTT-UD). It will cater to Cebu’s premium condominium segment, offering a total of 700 residential units in its first phase.

Unit prices are expected to range from %u20B1250,000 to %u20B1300,000 per square meter—figures considered at the upper end of the Cebu market. The developer estimates that the project could generate up to %u20B112 billion in sales upon full rollout.

The Wave Towers will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. Approximately 60 percent of available inventory will be studio units, ranging in size from 25 to 30 square meters. These will incorporate Japanese-inspired space-saving elements and design principles, including traditional finishes and landscaped garden features in shared spaces.

A model showroom is expected to open in the coming week to present unit configurations and interior themes to potential buyers.

The project stems from a 60:40 joint venture formed in 2024 between CLI and NTT-UD, a real estate subsidiary of Japanese telecom giant NTT. The collaboration reflects growing foreign interest in Philippine property markets, particularly in the Visayas region.

Separately, CLI announced the expansion of its board of directors from five to eleven members during its annual stockholders meeting. The board now includes five independent directors, a move described as an effort to strengthen corporate governance.

Among the new appointees are former Rizal Commercial Banking Corp. president Eugene Acevedo and University of Asia and the Pacific (UA&P) president Dr. Winston Padojinog. Both bring extensive experience in banking, governance, and academic leadership.

The Wave Towers will add to the growing stock of residential developments in Cebu’s central business district, which has seen increased interest from both local and international buyers. The partnership with NTT-UD is also expected to influence project execution and design, with a strong focus on quality and efficiency.