MASS housing developer 8990 Holdings, Inc. broke ground for its P452-million DECAmall in Tondo, Manila on Wednesday.
DECAmall will rise on a 1.4-hectare lot as a two-story retail project beside the developing 13-tower Urban Deca Homes. It will be the first mall to be located in Tondo that will cater to residents nearby.
Total gross floor area is around 18,000 square meters (sqm), excluding the residential project, while the gross leasable area is at 21,000 sqm.
DECAmall will feature a supermarket, department store, casual dining services, banks, home appliances, computer gadgets, active lifestyle, boutique, bookstore, and 181 parking slots.
“[We prefer the] mass market that can deliver value for money, retail and consumer items,” 8990 Holdings President and Chief Executive Officer JJ Atencio told reporters following the launching ceremony.
“We’re now in the process of getting [tenants]. There’s no one yet but now that the mall has broken ground, it would be easier for us now to generate interest for the tenants,” he added.
“We’re looking at department stores and supermarkets that fit the demographic of the area. So that resolves retail and consumer goods needs and problems. Because if you notice in this place, there’s no mall, and yet this is one of the densest points in the Philippine archipelago. A lot of people live here,” Atencio said.
“We’ve all realized that the driver of the economy of the Philippines is consumption and therefore shopping areas will continue to be popular and encouraging other people to go into the retail business,” he said.
Meanwhile, he said 8990’s Urban Deca Homes Tondo already has three towers built.
“The first units [will be turned over soon], not most, because this thing is like 13 towers,” Atencio said.
“The idea is to already start delivering one to three buildings. They’re almost done so it’s the finishing works that’s going to either make the delivery of the units happen this year or a little bit delayed by early next year,” he added.
“So the timing’s just right, everything comes together–we have the mall, we’ll have the first homeowners and then the first tenants of the mall, so it’s going to come together next year.”
This year, 8990 is set to launch six more projects across the country, five to be launched in the third quarter and one in the fourth quarter.
8990 Holdings is a real estate firm engaged in the development of low-cost mass housing and mid-income housing units.