In a disclosure to the Philippine Stock Exchange, CEI said the property located along Circumferential Road 5 (C5) in Fort Bonifacio, Taguig City, will be developed into a residential condominium complex.
CEI, an investment holding firm with special focus on infrastructure, property and healthcare, will contribute the land while DMCI will be responsible for construction and marketing.
DMCI is the property unit of the Consunji family’s DMCI Holdings Inc., which also has interests in coal mining.
CEI said the project will generate a guaranteed cash flow of P176 million ($3.37 million) over five years.
CEI management said it expects its revenues to increase further in the near term due to the improved performance of its healthcare subsidiary.
Filipino-owned CEI also has investments in diverse fields including financial services, real estate, shelter development, tollway infrastructure and healthcare.
The Consunjis, on the other hand, have been known for their business in general construction through their wholly-owned flagship construction company DMCI.