Cebu听Landmasters听tops off residential tower in Cebu IT Park
Cebu听Landmasters听Inc. (CLI) and consortium El Camino Developers, Inc.,听topped off its P3.5 billion high-end residential tower,听, in a virtual ceremony听on听June 8. Located in Metro Cebu鈥檚 Cebu IT Park, it is the first phase of the three-phased mixed-use development within a 1.2-hectare property.听听
The residential condominium evokes New York-inspired living, said Roberto D.听Gothong, chief executive officer of project partner听Gothong听Southern Properties.听He added that its location in The Plaza at Park Avenue, a green open retail park, is reminiscent of听Fifth Avenue, home to New York鈥檚 Rockefeller Center and the Empire State Building.听
The project was envisioned among friends, said Mr.听Gothong, referring to the听, Almario,听, and Soberano families of Cebu. 鈥淭his was conceived in a walking trip in Europe, along the Camino trail in Santiago de Compostela,鈥 Mr.听Gothong听said at the virtual event. 鈥淣ature can really work wonders to the imagination.鈥澨听
The听tower听has 38 residential floors housing听764 units,听broken down as follows:听459听studio units, 230 one-bedroom units, 56 two-bedroom units, 11 three-bedroom units, and 8 penthouse units. All units have been laid out around an听atrium that infuses听the entire development听with light, according to top architectural firm听Aidea听Philippines and international design consultant Callison RTKL. Among the features are a Sky Club on the 26th听and 28th听floors,听eight听elevators,听three-level basement parking, and a high-ceilinged听lobby each in the east and west wings.听
听鈥淎s of today, we are 97% sold,鈥 said Jose Franco B. Soberano, director, executive vice president, and chief operating officer of CLI, at the same event. 鈥淭here are less than 30 units available left.鈥澨听
When the pandemic struck, construction was at the 22nd听floor. Work听continued throughout the various lockdowns听and strict compliance to health and safety protocols听鈥听including on-site medical support听鈥听resulted in zero听coronavirus disease 2019 (COVID-19)听cases.听The third-party construction workers were also provided meals, accommodation, and weekly allowances on top of daily wages.听
Mr. Soberano added that early investors have already been rewarded, as the value of the property has听risen to P200,000 per square meter from the pre-selling price of less than P120,000. 鈥淲e are targeting to turn over the first batch of units by the end of this year,鈥 he said. 鈥The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values.鈥听鈥斕Patricia B. Mirasol听
