With a portfolio composed DECA Homes for mass housing and Urban Homes for medium-rise condominiums, 8990 Housing Development Corp. (8990HDC) has become synonymous with providing housing units for lower-income groups.
8990HDC is the flagship company of the 8990 Housing Group.
“When we started [8990HDC] back in 2003, the goal was to provide Filipinos with quality housing that is reasonably priced,” 8990HDC President Jesus Atencio said.
“We actually planned to target buyers who belong to the low-income economy. But then we looked at their profile and learned that for some reason a large chunk of them are in the middle class,” he added.
Company data showed that 66 percent of buyers of 8990HDC have incomes of more than P25,000 per month; 22 percent have monthly incomes ranging from P16,000 to P25,000; and 12 percent are within the income bracket of P8,000 to 15,000. Around 89 percent of them are employed, while the remaining 11 percent are self-employed.
For those who have monthly incomes below P8,000, the company considers other possible sources of income for the household.
“If a buyer decides to avail of a unit but only he only makes below P8,000 monthly, we try to consider other income sources that they can employ, like from employed family members living with them,” Atencio said.
As part of the company’s bid to attract more buyers, it is now offering in-house financing with an interest rate of 11.5 percent per annum, which can be paid for within five to 25 years, while for Pag-IBIG borrowers, 8990HDC offers interim financing at 8.5 percent.
Approval of potential buyers is based on their capacity to pay, the results of background investigation, and other income supported by bank statements, contract of employment for overseas Filipino workers, proof of remittance, income tax returns, certificate of employment and compensation pay slips.
The company also gives discounts based on the total contract price of the house-and-lot package. The discount depends on how long the required down payment is fully paid.
If the down payment is paid in full within a week, buyers can get a discount of 3 percent; 2 percent if within 30 days; 1 percent if within 60 days; and 0.5 percent within 90 days.
“Upon full payment of the required down payment, buyers will then be able to move into the property,” Attencio said.
To ensure the quality of its housing projects, 8990HDC engineers conduct thorough inspections on units during pre-billing and punch listing, and another during the actual billing and final inspection before turnover to buyers.
“For other housing companies, once the transaction is completed, whatever happens after that is not their responsibility anymore. If buyers find the materials used or the facilities with defects, then that’s their problem. Not for us. We think of them [their buyers]right from the implementation of a project up to the turn-over of the units,” Atencio said.
“That’s the kind of quality and service that we want the company to be known for,” he added.
Currently, the company has 11 on-going projects, which according to Atencio, will be completed by 2017. These projects, consisting of subdivisions and medium-rise condominiums, are located in different cities outside Metro Manila, like Cebu, Davao, Angeles, Lipa, Cavite and Naga.
The company expects to bring in a total of 22,446 units through the projects, which will have an estimated aggregate value of P15.6 billion.
Atencio also cited the company’s recent venture into the time-share industry, and it currently has a condominium-hotel in Baguio City, the Azalea Residence, which has a capacity of 99 rooms. It is also eyeing another hotel in Boracay with a capacity of 200 rooms.
The company also operates two DECAwake Wakeboarding Parks: one in Angeles City, which started operations last year; and another in Davao City, which has been operational for two years.