THE 8990 Housing Development Corp., a subsidiary of mass housing developer 8990 Holdings Inc., is set to build a P3.6-billion condominium project in Quezon City.
The partnership with Megawide Construction Corp. aims to provide “halfway houses” for urban workers.
In a disclosure to the Philippine Stock Exchange on Wednesday, 8990 Holdings said it has recently signed a deal with Megawide to build the Urban DECA Towers-Cubao, near the Farmers Market in Araneta Center.
Gross earnings from the project are expected to reach P7.2 billion, according to 8990 Holdings.
“With retail prices starting at P1.2 [million]to P1.5 million per unit, monthly amortizations become very affordable, highlighted by the value proposition of living in a highly accessible prime location like Cubao,” 8900 Holdings Chief Executive Officer Januario Jesus Atencio said.
The project is expected to be completed in four years, with the lower ground units to be ready in the third year.
Urban DECA Towers-Cubao is its second halfway housing project of 8990 Housing after the first similar development along EDSA and between Shaw Boulevard and VM Potenciano Medical Center.
The EDSA tower was 100 days ahead of construction schedule and was 55 percent sold when it began selling in January. The first tower is expected to be topped off in August, with the first 200 units targeted to be delivered to buyers by the fourth quarter of the year.
“With about 10 million workers in Metro Manila looking for living spaces near their work places, the ‘halfway house’ concept is the better alternative to bed spacing or renting in dormitories and sharing apartments in the weekday, where our buyers can enjoy quality of life while retaining their primary residences outside the metropolis, which they can come home to in the weekends,” Atencio said.
In the first quarter of the year, 8990 Holdings reported a 10-percent increase in net income to P1.03 billion from P937 million a year earlier.
For 2016, the mass housing developer targets a net income growth of 20 percent at P4.8 billion, driven by a 24-percent increase in revenues at P12 billion.