8990, Megawide team up for Cubao condo project

MANILA, Philippines – 8990 Housing Development Corp., a subsidiary of listed mass housing developer 8990 Holdings Inc. has signed an agreement with Megawide Construction Corp. for a new condominium project in Quezon City.

The company tapped Megawide as general contractor for the P3.6-billion Urban DECA Towers-Cubao.

Gross earnings are expected to reach P7.2 billion for the project, which will be completed in 48 months, 8990 said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.

The company expects initial delivery of lower ground units by the third year.

8990 CEO JJ Atencio said the new project would rise along EDSA corner Banahaw St., fronting Farmers Market in Araneta Center.

It would have 45 floors, inclusive of two floors of 651 parking slots, eight floors of 260 commercial spaces and 35 floors of 5,207 units.

“We are building our second condominium on a 4,310-sqm lot that will expand our ‘halfway house’ concept after the success of our initial building in EDSA Pasig,” Atencio said.

8990 said the project would serve as a “halfway house” for its users.

The units measure 13 sqm and will come fully furnished with beds, cabinets, complete toilet and bath, table and chairs, air condition units and microwave.

This the second “halfway house” condominium of 8990 after earlier launching the first residential project with a similar concept along EDSA between Shaw Blvd. and VM Potenciano Medical Center.

Atencio said the first condominium project is already 100 days ahead of its construction schedule and 55 percent sold when its sales commenced in January 2016. 

The first EDSA Tower is expected to top off this August and delivery of the first 200 units is targeted for delivery to individual buyers by the fourth quarter this 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 bedspacing 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.

He said retail prices start at P1.2 million to P1.5 million per unit, making monthly amortizations very affordable.

In the first quarter of the year, earnings of 8990 Holdings grew 10 percent to P1.03 billion compared to P937 million in the same period last year.

For the rest of the year, the company expects its net income to grow 20 percent to P4.8 billion on the back of a forecast 24 percent increase in revenues to P12 billion.