Mass housing developer 8990 Holdings, Inc. will formalize its venture in high-rise property development with the ground breaking today of its first condominium project.
Its first condominium project is a 42-floor building to be constructed near Shaw Boulevard in Mandaluyong.
In a statement, the listed developer said the project will be called Urban DECA Tower – EDSA, a low-cost high-rise residential project that will be developed by 8990’s subsidiary, Foghorn, Inc.
“Our first Urban DECA Tower along EDSA presents an innovative alternative for workers in Metro Manila where we are adopting the ‘half-way’ house concept that effectively addresses the practical needs of workers in Metro Manila,” 8990 President and Chief Executive Officer Januario Jesus Atencio said.
To be constructed by diversifying listed construction firm Megawide Inc., the project will cost around P735 million and will take about 36 months to finish.
The high-rise tower consists of 1,148 residential units measuring 13.06 square meters, with 156 basement parking slots.
“At present, we are studying a price-point that will be within the range of mass housing prices that should not exceed P1.25 million per unit, and an affordable financing plan that would have a low monthly payment of P2,000 per month for two years,” Atencio said.
To date, 8990 Holdings has completed 11 projects and more than 22,000 housing units in Luzon (Angeles City, and Gen. Trias and Imus in Cavite), Visayas (Cebu province and Iloilo) and Mindanao (Davao City) since 2003.
The company is also is currently developing 15 projects in the aforementioned areas.
Apart from housing, 8990 Holdings is also in hotel, leisure and resort development under the time share membership brand Azalea and its leisure parks, the Deca Wake Board Park in Angeles and Davao.
Over the next five years, 8990 aims to generate an additional 64,405 housing units worth close to P70 billion in 18 projects covering 250 hectares of landbank.