8990 Holdings earmarks P850M for Muntinlupa mid-rise dev’t

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LISTED mass housing developer 8990 Holdings Inc. is investing P850 million for a first medium-rise condo towers complex in Muntinlupa, in line the nine projects it company intends to launch this year.

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In a statement, the company said it has launched its first medium rise condominium complex – Urban Deca Homes Campville – consisting of 12, four-storey residential buildings – along East Service Road in Muntinlupa City.

The 2.6hectare residential complex will consists of 1,024 units as part of its portfolio over the next few years. The first of the 12 buildings will be completed in August this year, and the whole development in the next two years.

“While the project is expected to be completed in just 24 months, the project intends to deliver 488 units worth P414 million this year,” the company said.

Urban Deca Homes is one of the nine projects 8990 Holdings plans to launch this year, to deliver 4,486 housing units value at P4 billion, mostly in Muntinlupa, Cavite, Cebu, Iloilo and Davao.

“The project hopes to attract residents south of Manila who are presently renting but aspiring to become primary asset owners, as well as cater to the growing needs of workers of BPO’s in the Alabang area and overseas Filipino workers desiring to own a residence in that area of Metro Manila,” 8990 Holdings President and CEO Januario Jesus Atencio said.

“We strive to maintain our affordable housing prices even in Metro Manila. We believe that our housing products, which caters to the typical working class middle and lower income family, relate directly to the aspirational and ‘valueformoney’ goals of this market that we are committed to serve,” Atencio said.

The company is “on track” with its targets of up to P4 billion in net income and P10 billion in revenues for 2015 from the P3.3 billion and P7.8 billion in 2014, respectively.

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