PROPERTY developer 8990 Holdings Inc. will now be offering the prepaid electricity service of Manila Electric Co. (Meralco) in its projects after signing a memorandum of agreement (MOA) with the power distributor on Wednesday.
This makes 8990 Holdings the first housing developer to adopt Meralco’s prepaid power service as a business solution.
Bella Vista, one of 8990 Holdings’ property developments under the Deca Homes brand, has incorporated a differentiation strategy by offering a power payment option to its end-users.
The development provides the pilot setting after Meralco’s prepaid service was mass deployed at its Gen. Trias, Cavite location.
Meralco said it works with property developers to ensure reliable and dependable power with faster energization timelines.
It also develops innovative solutions and products that improve operations such as the prepaid retail electricity service.
Initially targeted for residential customers, Meralco’s latest innovation found a perfect match with real estate developers looking to reduce operational expenses while still adding compelling value to the properties they build for end-users.
Victor Genuino, Meralco vice president and head of corporate business group, is optimistic that the MOA signals a new wave of innovation in the real estate sector.
“Our prepaid retail electric service has been one of the most impactful products we’ve rolled out that improves the business efficiency of real estate developers,” said Genuino.
8990 Holdings Inc. president and chief executive officer JJ Atencio 3rd said the prepaid retail electric service is a unique selling proposition and a novel business strategy.
“It makes good business sense because the developers are not paying for the service deposit and meter costs. Plus, incorporating prepaid electricity into our business model also eliminates non-core administrative tasks,” said Atencio.
8990 Holdings is the first real estate company that offers homebuyers a payment option for managing consumption that fits their lifestyle.
As an end-user product, prepaid electricity gives homeowners convenient payment options to better manage power consumption. This is through budget-sized purchases of electricity by loading in denominations of P100, P200, P300, P500, and P1,000.
Fueled by the influx of overseas Filipino workers (OFW) remittances and growth from the country’s flourishing outsourcing sector, demand for properties is still going strong.
Analysts are forecasting continued expansion amid the current housing boom. To clinch buyer attention, developers sweeten offers with innovations, incentives and value-added services.