Mass housing developer 8990 Holdings Inc. is set to spend P573 million for the development of a 17-building housing project in Cebu.
In a disclosure to the Philippine Stock Exchange on Monday, 8990 said it has launched the Urban DECA Homes (UDH) Hernan Cortes project, a mid-rise development in Cebu.
UDH Hernan Cortes is 8990’s fourth project to be launched this year and its third medium-rise project in Cebu.
The project comprises 17 residential buildings in a 3.2-hectare property in Kasambangan, Cebu City. UDH Hernan Cortes will offer 1,596 housing units.
8990 noted that it observed a record-breaking number of unit reservations during the launch, with 65 housing units being reserved compared with the previous midrise projects in Cebu, namely UDH Tipolo and UDH Tisa, which registered reservations of 8 units each at project launch.
“We are pleased with the turnout of reservations in the launching of UDH H. Cortes, this is an indication of a huge unmet demand in affordable housing that 8990 DECA Homes is able to serve,” said Chief Executive Officer Januario Jesus Atencio.
The project is located at behind the Cebu Country Club Golf Course and is between Cebu City and Mandaue City, according to 8990.
“The location is perfect for people working at Cebu City and people working at the booming city of Mandaue, and with affordable prices of P1.15 M to P1.475 M, we are confident that this project will be a hit in Cebu,” Atencio said.
In the first three months of 2016, 8890’s net income rose by 10 percent to P1.03 billion from the P937 million a year earlier.
This year, the mass housing developer sees its net income growing by 20 percent at P4.8 billion on the back of a 24 percent revenue increase at P12 billion.