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CLI starts construction of Cebu IT Park condo – 38 Park Avenue

June 23, 2017

From Business World

CEBU Landmasters, Inc. (CLI) has broken ground on a 38-storey condominium in Cebu, which forms part of a 1.17-hectare master-planned integrated community in the Cebu IT Park.

In a disclosure to the stock exchange on Wednesday, the newly listed Cebu-based property developer said it will start construction of 38 Park Avenue, a New York-inspired development that was launched earlier this March. The tower is slated for completion in December 2020.

CLI has already sold 50% of the project’s total inventory. Amenities of the tower include a Sky Club amenity deck on the 26th to 28th floors which features a swimming pool, lounge areas, fitness gym, and multi-function hall.

38 Park Avenue is being developed under a five-member consortium called El Camino Developers Cebu, Inc. which includes homegrown developers Acrissor Development Corp., 12 Sika Holdings Corp., RKD Property Holdings, Inc., and Gothong Southern along with CLI.

The latter will manage the project with a 35% ownership. The project is among those listed by CLI to benefit from its initial public offering (IPO) earlier this month. CLI has been fast-tracking the development of its projects after its maiden listing at the stock exchange, with 38 Park Avenue being the second ground-breaking activity since the IPO.

Shares in CLI increased by 5.5% or 31 centavos to close at P5.90 apiece on Wednesday.