El Camino mulls condotel units for 38 Park Ave.

Instead of offering purely residential and office units for the second tower, the developers of the New York-inspired 38 Park Avenue are looking at the possibility of offering condotel units.

El Camino Developers Cebu Inc. president Jose Soberano III noted the rising demand in the hospitality sector, as tourism in the province continues to boom.

“We want to explore the possibility of offering condotel units,” said Soberano. He, however, noted that they may be able to arrive at a firmer decision toward the end of 2018, after careful market study.

El Camino is a consortium of five homegrown property companies—Cebu Landmasters Inc., Acrissor Development Corp., 12Sika Holdings Corp., RKD Property Holdings Inc., and Gothong Southern.

On Friday, the group unveiled 38 Park Avenue’s showroom, a project that sits on a 1.17-hectare property at the Cebu IT Park.

The first phase of the project, which includes a 38-storey tower with 745 units, will be completed in December 2020.

The company saw a sales takeup of residential units at 70 percent since the project’s launching late last year. The second phase of the development is initially planned as another residential and office tower.

Soberano said the sales takeup of the project reflects the optimism in the country’s real estate industry.

In previous interviews, Soberano said EL Camino will continue to explore more growth opportunities to take advantage of the real estate momentum. /