Mass housing developer 8990 Holdings Inc. said on Sunday it expects to generate P4.5-billion in sales from a low-cost condominium project it will build along EDSA Avenue in Cubao, Quezon City.
It said in a statement, the high-rise Urban Deca Tower across the Farmers Market of the Araneta Center Complex will be completed in the third quarter of 2017.
The condominium, which will be launched in 2016, will have 4,500 units of “decent, clean, safe, secure and flood-free place” for workers in Metro Manila with a unit price of P1 million.
8990 Holdings acquired the 4,200-sqm lot for the project for P899 million. It is near several malls, MRT and LRT stations and bus and jeepney terminals.
The Cubao tower is the second low cost condominium project of 8990 along EDSA. It has started construction of a 42-storey, 1,148-unit Urban Deca Tower Shaw in Mandaluyong, which will be completed in the third quarter of 2017.
The company produced 10,855 housing units from nine projects it launched last year and will launch this year nine new projects involving construction of 4,486 units valued at almost P4 billion.
8990 President Jesus Januario Atencio has said the company is close to closing the purchase of 100 hectares of land in the first half this year in the cities of Bacolod, Zamboanga and General Santos to achieve its 500-hectares goal.
The 100 hectares will yield over P5 billion worth of projects out of the 500 hectares, which is estimated to accommodate P25-billion worth of projects, Atencio said.
The company is targeting up to P4 billion net income and P10 billion revenues for 2015 based on continuous growth of gross domestic product (GDP) growth, increase in overseas workers remittances, growing business processing outsourcing (BPO) and IT sectors, and the 4 million housing backlog.
8990 Holdings recorded a 53 percent surge in its full year net income to P3.3 billion, higher than the targeted P3 billion for 2014 and the P2.18 billion profit in 2013. Revenues also advanced by 48 percent to P7.9 billion from P5.3 billion.
Formerly an IT and telecommunications firm, 8990 Holdings is engaged in building low cost and affordable housing units, but is now diversifying into the medium and high rise residential segment through partnerships with industry players.