DEVELOPERS of the high-end 38 Park Avenue are now in discussion for the Phase 2 development of the project which can accommodate at least two more towers.

Bob Gothong, president of Gothong Southern Properties, on Tuesday, June 8, 2021, said they are currently studying the market on what best product to erect inside the 1.2 hectare premium property in Cebu IT Park that will continue to support the live, work, play concept of the mixed-use development in a new normal environment.

The P3.5 billion high-end residential tower 38 Park Avenue topped off on Tuesday.

The 38-story tower with a sales value of P5.5 billion is already 96 percent sold.

38 Park Avenue is the first phase of the three-phased mixed-use development. The project is a collaboration by El Camino Developers Cebu Inc., a consortium of five homegrown property companies composed of Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp, RKP Property Holdings Inc. and Cebu Landmasters Inc. (CLI).

The turnover of the residential units will start in the fourth quarter of 2021.

38 Park Avenue offers 764 units with 459 studio units, 230 one-bedroom units, 56 two-bedroom units, 11 three-bedroom units and eight penthouse units.

“38 Park Avenue’s distinct sustainable design, its generous mixed-use masterplan and premium location within the Cebu IT Park ensure that it will offer a new residential option not only for Cebuanos, but also for business and leisure travelers from other global markets. The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values,” said CLI chief operating officer Franco Soberano.

While the Covid-19 pandemic has tapered off the market, the group anticipates quick recovery for Cebu as Covid-19 cases in the province have been relatively well managed.

Richard Ray King, chief executive officer and president of RKP Property Holdings Inc., said location remains an important factor in real estate, especially during a crisis.

“The market has tapered off. But we want to emphasize that things that are of scarcity will always hold value,” said King, referring to 38 Park Avenue as a premium project in a premium location.

38 Park Avenue is set to feature a Sky Club on the 26th and 28th floors, eight elevators, a grand atrium, three-level basement parking and two high ceiling lobbies. The project also has a fitness gym, lounge areas, swimming pool and multi-function hall. (KOC)