Last October 17, 2016, in Cebu Marriott Hotel, Cebu Landmasters Inc marked another milestone in the real estate industry. Together with the top businessmen in Cebu, five companies have formed a consortium that acquired the 1.17 hectare property in the heart of Cebu City – Cebu IT Park, which is the largest remaining private property in the area.
During the press conference, a Joint-Venture Agreement and unveiling of the new consortium under the new corporate name El Camino Developers Inc, is signed, which Cebu Landmasters Inc., will be the lead developer, together with Gothong Southern Properties, 12Sika Holdings, Acrissor Development Corp., and RKD Property Holdings Inc.
With an estimate of P5 billion in total acquisition, the mixed-used urban park concept will be highlighted in 3 main components – a high-rise Residential Condo, an Office tower, and a Retail boulevard featuring a Central Park, and is slated to become one of the imposing landmarks in the city. The project has yet to be named later this year.
Master-planned by Callison RTKL, the world’s top 3 architectural firm, and designed by Aidea, the Philippines top architectural practice, the project will deliver a proudly Cebuano-led project with world-class standards.
“As early as now, the demand is very strong, a lot of indications even from the El Camino group”,cited by El Camino President and Cebu Landmasters Inc chairman and CEO Joe Soberano III. The project will finish in the next four to five years. Soberano mentioned that the pre-selling of the units, will be done during the first quarter of 2017, in time for the Sinulog festivities.
Phase 1 project with a single 40-storey building will house about 600 unit condominium and some retail store in the area. On the later date, the phase 2, which consist of the modern office tower.