Cebu property consortium tweaks original masterplan

CEBU, Philippines — The developer of 38 Park Avenue, El Camino Developers Cebu Inc. is considering to tweak its original master-plan to give way to the rising demand for accommodation facilities.

Cebu Landmasters Inc., (CLI) chairman Jose Soberano III, managing partner of the project, said in an interview that the company may offer condotel concepts (from purely residential and commercial) due to attractive market for hospitality sector.

"We want to explore the possibility of offering Condotel units," said Soberano on the sidelines of the inauguration of 38 Park Avenue project's showroom.

Situated on a1.18 hectare patch of green at the Cebu I.T. Park, one of the Philippines’ top 20 prime real estate properties, 38 Park Avenue is described as a proudly Cebuano-led world-class masterpiece featuring high rise and open park living.

This flagship building, which will provide a total of 745 contemporary, and New York inspired residential condominium units is 70 percent sold, Soberano reported.

The developer, El Camino Developers Cebu Inc., is a consortium of five Cebuano companies joining forces to develop the prime property within the IT Park.

These companies include shipping veteran — Gothong Southern, auto-gas trader 12Sika Holdings, Acrissor Development Corporation — which is into heavy equipment distributorship and general services company RDK Property Holdings, and CLI.

Scheduled to be completed by 2021, Soberano said the consortium is already working on the designs and plans for the second building.

However, instead of offering purely residential and commercial (office) units for the second building, the company is entertaining possibilities to enter into hospitality business through condotel concept.

"We may be able to arrive at a firmer decision towards the end of 2018," Soberano added explaining further that aside from the burgeoning tourism sector in Cebu and the promising anticipation of the opening of second airport terminal, the friendlier rules imposed by Cebu Property Ventures Development Corporation (CPVDC), the developer of Cebu IT Park further encouraged the consortium to tweak its master-plan a bit.

He said CPVDC has made more flexible rules in the uses of the different lots within the cyberpark, which will no longer be as “rigid as before." (FREEMAN)