Cebu Landmasters Inc. started the construction of a New York City-inspired 38-story condominium tower at the 1.1-hectare Cebu IT Park.
CLI said in a disclosure to the stock exchange the project called 38 Park Avenue was already 50-percent sold out since it was launched in March.
The tower will offer 745 units, comprising of 440 studio units, 211 one-bedroom units, 75 two-bedroom units, 11 three-bedroom units and eight penthouse units.
The project is slated for completion by December 2020.
Aside from the residential component, the 1.17-hectare mixed-use development will also include an office tower and retail boulevard.
The project will be under El Camino Developers Cebu Inc., a consortium of five Cebu homegrown companies that include Cebu Landmasters Inc., Acrissor Development Corp., 12 Sika Holdings Corp., RKD Property Holdings Inc. and Gothong Southern.
CLI, which owns a 35-percent stake in the project, will manage the whole development.
The 38 Park Avenue is the second high-rise development started by the Cebu-based property developer since it was listed in the Philippines Stock Exchange on June 2.
The company also recently acquired a P150-million property in Bacolod City where it plans to develop a master planned mixed-use project.
CLI raised P2.9 billion through the sale of 580 million shares during the IPO. It plans to use the proceeds to finance expansion in the Visayas and Mindanao.
Share price of CLI rose 5.5 percent Wednesday to close at P5.90.
