MASS housing developer 8990 Holdings said construction of its first high-rise project is 70 days ahead of schedule.
In a disclosure to the Philippine Stock Exchange on Friday, 8990 said construction is already on the 30th floor of its 42-storey Urban Deca Tower along EDSA in Mandaluyong City.
The project, which started construction in November 2014, has a total of 1,148 units, priced at an average of P1.4 million per unit.
The project is currently 48 percent complete and the company expects to finish and deliver the first batch of at least 400 units on the lower floors by the end of the year.
8990 Holdings CEO Januario Jesus Atencio said the project targets workers in Metro
Manila who live in the outskirts of the city, as the condo units will provide them with an alternative to renting dormitories or paying for bed spaces.
“Our Urban Deca Tower was never meant to be for primary residence,” Atencio said.
“The Tower’s concept of ‘halfway housing’ is 8990’s response to the growing phenomenon in Metro Manila, where more and more workers are deciding to get a rented space near their workplace and go home to their residences on weekends. This is a result of traffic congestion, high cost of transportation, as well as a diminution of lifestyle because of those factors.”
The Tower will house 41 residential floors, a ground floor social area, four basement levels, parking slots, a convenience store, a Laundromat, a food hall, lounge area as well as commercial spaces.
The building will also be equipped with a 24-hour CCTV and security and four high-speed elevators.
Each unit will be telephone and cable-ready and will also come fully furnished with air-conditioning, microwave oven, basic cabinets, mattress, curtains and a small dining table.
The Urban Deca Tower EDSA is expected to generate gross revenue of P1.7 billion and is set to be completed by September 2017.
Total project cost of the tower, which is 8990’s first high-rise project in Metro Manila, is P800 million.
The developer is also set to launch two new projects this year – a condominium complex located in Tondo, Manila with 13,000 units in 13 twelve-floor buildings, and another one located on Ortigas Avenue Extension with 33,000 units in 24 twelve-floor buildings.
“Both these projects would have a full-sized Community Mall called DECA Mall as the major amenity,” 8990 noted.