HOMEGROWN property developer Cebu Landmasters, Inc. (CLI) said on Wednesday it has commenced with the first phase construction of its New York-inspired project, 38 Park Avenue, which costs P1.8 billion.
CLI’s 38 Park Avenue project is a 38-story condominium that will form part of a master-planned integrated community set to rise at the Cebu IT Park.
“This is a high-end offering of Cebu Landmasters and this investment was made through a P1.8 billion acquisition of lot in October last year,” CLI Chief Operating Officer (COO) Jose Franco Soberano told The Manila Times.
The project will rise on a 1.17-hectare site in Cebu.
“That took us nine months to break ground,” he added. “We acquired the lot, and then we just recently launched the groundbreaking on June 15, 2017.”
38 Park Avenue is a partnership of CLI with other Cebu companies such as Acrissor Development Corp., 12 Sika Holdings Corp., RKD Property Holdings, Inc., and Gothong Southern. The development of the project, however, will be solely handled by CLI.
Both CLI and Gothong have a 35 percent stake in the project.
“For Phase 1, we expect to generate P5.5 billion in revenues. We divided the property into two. The first one
residential, and then phase 2 will be the office component. It will be for retail,” Soberano said.
Details of the second phase of the project have yet to be finalized.
It is CLI’s second recent ground-breaking after also breaking ground on its first project The Latitude, which is also set to rise in Cebu.
The Latitude is a 24-story project and a 50-50 joint venture between CLI and Borromeo Bros. Estate.
CLI is a newly listed property developer based in Cebu, with projects within the Metro Cebu residential condominium arena.