CEBU Landmasters, Inc. has topped off 38 Park Avenue, a P3.5-billion residential development located at the Cebu IT Park, it said in a statement on Tuesday.
“38 Park Avenue has successfully topped off despite lockdowns due to the pandemic as construction continued following strict compliance to health and safety protocols including COVID-19 (coronavirus disease 2019) testing,” Cebu Landmasters said.
The 38-story tower with a sales value of P5.5 billion is a joint venture project of El Camino Developers, Inc., which is composed of Cebu Landmasters, Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp., and RKP Property Holdings, Inc.
It features 764 units, composed of 459 studio units, 230 one-bedroom units, 56 two-bedroom units, and 11 three-bedroom units, and eight penthouse units. Cebu Landmasters said the tower is already 96% sold.
The company said units of 38 Park Avenue are laid out around “a soaring atrium that infuses light and energy to the entire development.”
Aside from an atrium, the project will also feature a “Sky Club” on its 26th and 28th floors, eight elevators, a three-level basement parking, high-ceiling lobbies in the East wing and the West wing, a fitness gym, lounge areas, a swimming pool, and a multi-function hall.
“38 Park Avenue’s distinct sustainable design, its generous mixed-use master plan and premium location within the Cebu IT Park ensure that it will offer a new residential option not only for Cebuanos, but also for business and leisure travelers from other global markets,” said Jose Franco B. Soberano, chief operating officer of Cebu Landmasters.
The 7th Annual Property Guru Philippines Property Awards recognized 38 Park Avenue as the Best High-End Condominium Development in Cebu for 2019.
It is said to be the first of a three-phased mixed-use development in a 1.2-hectare property developed and managed by Cebu Landmasters along with El Camino Developers.
38 Park Avenue is slated for turnover by the last quarter of this year, while the next phases are said to be under the planning stage.
Cebu Landmasters is anticipating the recovery of Cebu with the rest of Visayas and Mindanao. The company noted the strong demand for residential offerings in Cebu’s business district.
“The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values,” Mr. Soberano added.
On Tuesday, shares of Cebu Landmasters at the stock exchange improved by 1.91%, closing at P6.92 each from P6.79. — Keren Concepcion G. Valmonte
