Phase 2 underway: CLI tops off first towerof high-end condo project

CEBU, Philippines —  A high-end residential developer pursues project expansion after enjoying brisk sales amid the pandemic.

The joint venture project of Cebu Landmasters Inc. (CLI) and El Camino Developers Cebu Inc., called 38 Park Avenue at the Cebu IT Park, are now in discussion for the Phase 2 development, which involves building two more towers, this according to El Camino Developers Inc., vice president Bob Gothong during the ceremonial topping off of the 38-storey 38 Park Avenue early this week.

The brisk sales of the high end residential units, explained CLI president and chairman Jose Soberano III, inspired both companies to pursue the planned expansion despite the threat of the pandemic.

The 38-storey tower with a sales value of P5.5 billion is already 96 percent sold.

According to Gothong, the company is now studying the market on what best product to erect inside the 1.2 hectare premium property in Cebu IT Park that will continue to support the live, work, play concept of the mixed-use development in a new normal environment.

The P3.5 billion premier residential tower in Cebu IT Park, 38 Park Avenue, is the first phase of the three-phased mixed-use development.

The project is a collaboration by a consortium of five homegrown property companies composed of Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp, RKP Property Holdings Inc. and CLI.

The turnover of the residential units will start in the fourth quarter of 2021.

The 38 Park Avenue offers 764 units with 459 studio units, 230 one-bedroom units, 56 two-bedroom units, 11 three-bedroom units and eight penthouse units.

“The market has tapered off. But we want to emphasize that things that are of scarcity will always hold value,” said Richard Ray King, chief executive officer and president of RKP Property Holdings Inc., referring to 38 Park Avenue as a premium project in a premium location.

38 Park Avenue is set to feature a Sky Club on the 26th and 28th floors, eight elevators, a grand atrium, three-level basement parking, two high ceiling lobbies. The project also has a fitness gym, lounge areas, swimming pool and multi-function hall.

The project anticipates the quick recovery of Cebu and the rest of the Visayas and Mindanao with the return of greater global mobility. COVID cases in Cebu have been relatively well managed with medical facilities able to accommodate patients affected by the pandemic.