Newly listed real estate developer Cebu Landmasters Inc. (CLI) has broken ground for a 38-story New York-style residential condominium project in Cebu IT Park.
The residential tower, called 38 Park Avenue, is scheduled for completion in December 2020.
The condominium will be built on a 1.17-hectare property.
Since its launch in March 2017, the project had already sold 50 percent of its inventory, CLI said in a disclosure to the Philippine Stock Exchange yesterday.
38 Park Avenue is part of the company’s P5-billion mixed-use development that also includes an office tower and retail boulevard called The Plaza at Park Avenue.
The condominium tower offers 745 residential 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.
Cebu Landmasters, which owns 35-percent interest in the project, will manage the whole venture, according to the disclosure.
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. —ODELINNE JAN LINA