There are no tubing stickers remaining, and it's not very light, so I'm assuming gaspipe. I got the feeling it's older too, with older style logo. I have an Excelle that T-Mar estimated to be an 88, and it has the newer logo scheme with floral motif. This one has matching Ukai 27x1 rims with eyelets and Sanshin hubs (I think).
The real surprise was a very long Cinelli stem; a nice surprise given the ubiquitous SR stems you always see.