VisMin developer Cebu Landmasters Inc. (CLI) topped off its P3.5-billion premier residential tower, 38 Park Avenue, in Cebu IT Park.

CLI said the New York City-inspired 38 Park Avenue has a sales value of P5.5 billion and is already 96 percent sold.

“This is an amazing project for us. It represents the very strong investing appetite, strong and wise investing appetite, of the Cebuanos,” CLI Chief Operating Officer Franco Soberano said in a virtual ceremony on Tuesday.

The 38-story tower is developed and managed by CLI in partnership with its joint venture partner, El Camino Developers Inc.

El Camino is composed of five homegrown property companies namely, Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp., RKP Property Holdings Inc. and Cebu Landmasters.

“38 Park Avenue’s distinct sustainable design, its generous mixed-use masterplan 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,” Soberano said in a separate statement.

Soberano said CLI eyes to start the turnover of the units of the tower by the fourth quarter of the year.

38 Park Avenue serves as the first phase of the three-phased mixed-use development in the 1.2-hectare property.

The remaining phases are currently under the planning stage, according to CLI.

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.

CLI recorded a P725.2-million profit in January to March, up 12 percent year-on-year as its revenues climbed 11 percent to P2.35 billion during the period.

Shares of CLI gained 13 centavos or 1.91 percent to close at P6.92 apiece on Tuesday. – by Faye Almazan

Published in The Manila Times