MANILA, Philippines - Cebu Landmasters Inc. (CLI) broke ground on a 38-story condominium located in the Cebu IT Park.
In a disclosure to the Philippine Stock Exchange (PSE), CLI said the 38 Park Avenue is a New York inspired condominium that would form part of a master-planned integrated community located within the Cebu IT park.
Since its launch last March, the project had already sold 50 percent of its inventory.
The tower is projected to be completed in December 2020.
Aside from the residential component, the 1.17-hectare mixed-use development will include an office tower and retail boulevard, the company said.
The mixed use development will be under El Camino Developers Cebu Inc., which is a consortium of five Cebu homegrown companies: CLI, Acrissor Development Corp., 12 Sika Holdings, RKD Property Holdings and Gothong Southern.
CLI, with a 35 percent interest in the project, will manage the whole development.
The company successfully made its debut in the Philippine Stock Exchange early this month.
At a price of P5 per share, CLI successfully raised P2.9 billion after selling up to 575 million shares, proceeds of which will be used to fund its expansion in Visayas and Mindanao.
The Cebu-based developer is aggressively expanding to the Visayas and Mindanao as it aims to become the region’s most preferred developer in three years.
The developer has a track record in horizontal and vertical residential projects, mixed-use, hospitality and office developments, covering a wide segment of the property market.
At present, it has 28 projects completed or in various stages of construction, with a total of 11,141 units in Cebu, Cagayan de Oro and Davao. It is now the number one local housing developer in Metro Cebu with 11 percent market share, next to Ayala Land (17 percent), according to CBRE Philippines (now Frank Santos Knight).
Based on its latest financial statements, the company’s net income reached P702.32 million in 2016, representing an annual compounded growth rate of 150.49 percent since 2012, with sales of P2.17 billion and an operating profit of P849 million, for a CAGR of 61.47 percent and 116.82 percent, respectively.