Click hereNTT Urban Development Corporation (Head office: Chiyoda-ku, Tokyo; President and CEO: Hiroshi Tsujigami) is pleased to announce that, through its Singapore subsidiary (NTT UD Asia Pte. Ltd.), it will collaborate with Cebu Landmasters Inc. (Head office: Cebu City, Philippines; CEO: Jose Soberano III; hereinafter "CLI") on the "38 Park Avenue Project (tentative name)" (hereinafter "the Project"), a condominium tower with a total of approximately 900 units in Cebu City, Philippines.
The company has previously participated in real estate projects in the UK, Australia, the US and Vietnam. This project marks the company's first in the Republic of the Philippines, and the company will continue to expand its business in the Philippines and other Southeast Asian countries.
Right: Hiroshi Tsujigami, President and CEO NTT Urban Development
Cebu City in the Philippines is located about an hour's flight southeast of the capital, Manila, and is located in the Cebu Metropolitan Area, the Philippines' second largest economic zone. Industries such as finance, IT, BPO, and tourism are thriving in the Cebu Metropolitan Area, and the area is expected to continue to experience high economic growth.
The project is located within Cebu IT Park, a special zone in the center of Cebu City that has been designated to attract foreign investment and is home to a cluster of European and American IT-related companies. The surrounding area is highly convenient for living, with residential, commercial, and office buildings.
In this project, which primarily targets office workers of foreign companies, etc., we will leverage the development capabilities we have cultivated through our business both domestically and overseas, and CLI's extensive sales track record, to jointly develop properties with attractive features not available from other local companies, thereby meeting customer needs and contributing to a better quality of life for the people of the Philippines.
Wide-area map
Area map
Project Overview
| Property name | (Tentative name) 38 Park Avenue |
|---|---|
| Site area | Approximately 5,800㎡ |
| Building Use | Condominiums, some commercial buildings |
| Scale/tier | Two buildings, 29 and 31 floors above ground |
| Units | Approximately 900 units |
The above is currently planned and subject to change.
Overview of Cebu Landmasters Inc.
| Company Name | Cebu Landmasters Inc. |
|---|---|
| location | 10th Floor, Park Centrale Tower, JM del Mar St., Cebu IT Park, Cebu City, Philippines |
| representative | Jose Soberano III |
| Business content | Real estate development, rental, property management, and hotel operations, mainly in Cebu and Davao. |
| Establishment | 2003年 |
| Sales | 15,657 million pesos (fiscal year ending December 2022) |
[Contact for this matter]
Public Relations Office Suzushima and Wakamatsu
nttud-pr@ntt-us.com