DESPITE stiff competition, El Camino Developers Cebu Inc., a consortium of five Cebuano property developers, has posted high pre-orders for its high-end residential project at the Cebu IT Park.
According to Jose Soberano III, president and CEO of Cebu Landmasters Inc., they have already pre-sold 75 percent of the units for 38 Park Avenue.
“We are over 75 percent already for the first building, which is a good rate for us considering this is a high-end market of product. It’s pretty good,” he said at the sidelines of the launching of the project’s showroom last Wednesday evening.
El Camino is composed of Cebu Landmasters, Acrissor Development Corp., 12Sika Holdings Corp., RKD Property Holdings Inc., and Gothong Southern.
Right now, excavation works are already being done for the first phase of the development project which includes the 38-storey tower.
The tower will have 745 units with 440 studio units, 211 one-bedroom units, 75 two-bedroom units, 11 three-bedroom units and eight penthouse units.
According to Soberano, they are still within schedule on the construction of the project which is expected to be completed and turned over by 2021.
The entire development sits in a 1.1-hectare property at the Cebu IT Park, 40 percent of which will be open and green spaces.
While the first phase is ongoing construction, Soberano said they also hope to be able to already start construction of the second building which is designed to be mixed-use with residential units, office spaces, and a condotel.
“We will start with the second building in a year or two. Assuming we can start in 2019, it won’t be far away from each other,” he said.
38 Park Avenue offers a New York style convenience-living where its residents have quick access to malls, restaurants and other recreational facilities.
“New York is a city that never sleeps which is what IT Park is all about,” Soberano said.