El Camino Developers Cebu, with Cebu Landmasters Inc. (CLI) as a developer, topped off just recently its P3.5-billion vertical mixed-use condominium project at the Cebu IT Park.
The New York City-inspired 38 Park Avenue has a sales value of P5.5 billion and is already 96% sold.
“This is an amazing project for us. It represents the very strong investing appetite, of the Cebuanos,” CLI Chief Operating Officer Franco Soberano said during a virtual ceremony.
The development offers 764 units with 459 studio units, 230 one-bedroom units, 56 two-bedroom units, 11 three-bedroom units, and eight penthouse units. At 38 storeys high, this development is the tallest in Cebu IT Park and the third tallest building in Cebu.
The 1.2-hectare property development will feature a full glass facade, 38 floors of New York-inspired residential spaces, and an atrium in the center of the building that will provide passive air cooling, making it one of the greenest structures in Visayas and Mindanao. It will also feature a green open retail park inspired by the vibrance of the New York Central Park complete with food and shopping outlets set against its refreshing alfresco areas.
38 Park Avenue is a joint venture between El Camino Developers Cebu with Cebu Landmaster as the developer. In 2019, 38 Park Avenue was awarded as the best high-end condominium in Cebu during the 7th Annual Property Guru Philippines Property Awards in Makati City.
The remaining phases are currently under the planning stage, according to CLI.
The company recorded a P725.2-million profit from January to March, up 12 percent year-on-year as its revenues climbed 11 percent to P2.35 billion during the period.