CLI’s 38 Park Avenue residential tower at Cebu IT Park almost 97% sold out

MINERVA BC NEWMAN

CEBU CITY --- Cebu Landmaster Inc. (CLI), a leading developer in VisMin with joint venture partner El Camino Developers Inc.  topped off its P3.5 billion 38 Park Avenue, a high-end New York inspired living residential tower located at Cebu IT Park with 764 units, almost 97 percent sold out to date.

According to the project architects led by Abelardo Tolentino that 38 Park Avenue is an iconic residential project, the tallest residential tower in Cebu to last for 50 years. Units are configured that each unit offers quality views; combining park, city-life and residential as part of the integral development in a place that never sleeps, a new benchmark in residential development not only in Cebu but the entire country.

The 38-storey tower with a sales value of P5.5 billion with less that 30 units available to date showed the market’s positive response for this project.  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 testing, according to CLI chairman and CEO Jose Soberano III in a virtual Topping Off ceremony, Tuesday June 8.

Soberano bared that 38 Park Avenue is the first phase of the three-phased mixed-use development within a 1.2-hectare property in the highest valued location in Metro Cebu.

Soberano bared that the project is set to feature a Sky Club on the 26th and 28th floors, eight elevators, a Grand Atrium, 3-level basement parking, two high ceiling lobbies – with one each in the East and in the West Wings. The project also has a fitness gym, lounge areas, swimming pool, multi-function hall.

“38 Park Avenue’s distinct sustainable design, its generous mixed-use masterplan and premium location at the Cebu IT Park offers a new residential option not only for Cebuanos but also for business and leisure travelers from other global markets,” the CLI chairman added.

According to Soberano that the Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values.  The project ensures safety and convenience through its other services including 24-hour security, CCTV system, 100-percent backup power, fire detection and property management services.

Architectural firm Aidea Philippines and international design consultant Callison RTKL said that 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.  All units have been laid out around a soaring atrium that infuses light and energy to the entire development.

The mixed-use development is inspired by New York City’s high-end residential towers and is developed and managed by CLI in partnership with El Camino Developers Inc., a consortium of five homegrown property companies composed of Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp, RKP Property Holdings.

Set to start turnover by the 4^th quarter of 2021, the development offers upscale residential units and a lifestyle center within The Plaza, a generous park space with retail area and the next phases are currently under the planning stage, CLI said.

38 Park Avenue was awarded as the Best High-End Condominium Development in Cebu for 2019 by the 7th Annual Property Guru Philippines Property Awards.  (Photos: CLI/Google Images)