An artist’s rendition of 38 Park Avenue
Newly-listed real estate developer Cebu Landmasters Inc. (CLI) has broken ground for a 38-storey New York-style residential condominium project in Cebu IT Park.
The ground-breaking for this residential tower called 38 Park Avenue, which is projected to be completed on December 2020, was conducted last June 15.
This marks CLI’s second ground-breaking for high-rise development since debuting on the Philippine Stock Exchange last June 2.
The condominium will be built on a 1.17-hectare property.
Since its launch last March 2017, the project had already sold 50 percent of its inventory, CLI said in a disclosure to the Philippine Stock Exchange on Wednesday.
38 Park Avenue is part of the P5-billion mixed-use development which includes an office tower and retail boulevard called The Plaza at Park Avenue.
The condominium tower offers 745 units, made up of 440 studio units, 211 one-bedroom units, 75 two-bedroom units, 11 three-bedroom units and topped with eight penthouses houses.
The building pitches the best panoramic views of Cebu with its sky gardens located on its 31st, 33rd, and 35th floors.
A studio unit has a total area of 24.48 square meters while a one-bedroom unit has 54.13 square meters. A two-bedroom unit has 84.72 square meters, a three-bedroom unit has 141.77 square meters, while the penthouse has 475.57 square meters.
Cebu Landmasters will manage the whole project, owning 35 percent interest, the disclosure said.
The project will be under El Camino Developers Cebu Inc., a consortium of five Cebu homegrown companies, namely: Cebu Landmasters Inc., Acrissor Development Corp., 12 Sika holdings Corp., RKD Property Holdings Inc., and Gothong Southern.
CLI is one of the top real estate players in Visayas and has currently completed 13 developments which include San Jose Maria Village, Villa Casita, Midori Plains, Asia Premier Residences, Base Line Residences, and Park Centrale Tower.
The company had a gross profit margin of 54 percent in 2016, and a total of P2.1 billion in sales that year. Its 2016 net income was at P702-million, an increase of 30 percent from the previous year.