8990 Holdings, Megawide team up for P53-B projects

MANILA, Philippines - 8990 Holdings Inc. and Megawide Construction Corp. are teaming up for the development of integrated condominium townships in Metro Manila, starting with two projects that will consist of 39 residential buildings.

In a statement, mass housing developer 8990 Holdings said it is investing P24 billion in land and building construction for the over three dozen residential towers that would be developed under two projects.

The two developments, which will have a combined gross area of 22 hectares and consist of 39,732 units, have an estimated gross value of about P53 billion over the next four years.

8990 Holdings president and chief executive officer Januario Jesus Atencio said the projects will commence construction next year upon securing necessary government permits.

 “As a company that values quality, we have partnered with Megawide – the best company that provides the highest quality of pre-cast construction – to ensure that our housing products for high-rise condominiums will be built by a company that similarly values quality above all else,” Atencio said.

The first of the two projects is the 13-hectare Urban Deca Homes to be built along Ortigas Avenue Extension that will have 26 buildings consisting of 24,720 residential units.

The second project, meanwhile, will be an 8.4-hectare Urban Deca Homes in Vitas Tondo that will have 13 buildings and a total of 15,012 residential units.

In an interview, Megawide CEO Michael Cosiquien said construction of the condominiums will initially be at an average of four a year, and then will eventually ramp up to six buildings annually.

Cosiquien said all 39 buildings will have 13 storeys each with units not having less than 24 square meters each.

He said the projects with 8990 Holdings are so far the largest in terms of volume for Megawide, one of the country’s top building contractors.

“We are happy to work with 8990. We share their vision of providing quality homes to all Filipinos. We view this partnership as very meaningful – quality, affordability and accessibility at its best in 8990’s condo projects,” Cosiquien said.

Both projects will have parks and playgrounds, basketball courts, and the major amenity of a full-service mall that will have shopping, dining, recreational and institutional establishments to cater primarily to residents, estimated to reach 120,000 once both projects are completed.

For the Ortigas project, Atencio said it would have BPO offices that would provide a working environment inside their place of residence.

 “Low cost cannot always be of low value,” Atencio said.

“Our condominium townships are based on what we refer to as integrated spaces living approach (ISLA). We created the ISLA concept to emphasize the development of self-contained and self-sustaining island communities where our residents would have convenient access to the basic necessities of living in high density environments without leaving the complex, while at the same time, providing the commercial and service outlets the captured market by which their businesses could grow and prosper,” he added.