MANILA, Philippines - Mass housing developer 8990 Holdings Inc. expects as much as P3.6 billion in sales from two residential towers marketed as a “half-way house” for the working class.
The low-cost housing builder is also expanding its reach following a land acquisition in Bulacan province that will cater to the demand north of Metro Manila, the company disclosed over the weekend.
8990 Holdings president and CEO Januario Jesus Atencio told reporters that the property firm will put up Urban Deca Towers in Makati and Mandaluyong.
Sales from the 1,148-unit Urban Deca Tower EDSA and the 1,750-unit Urban Deca Tower Makati will likely hit P1.03 billion to P1.43 billion and P1.57 billion to P2.18 billion, respectively.
8990 Holdings will sell residential units measuring 13.06 square meters at P899,000 to P1.25 million each, Atencio said.
“Urban Deca Tower is not going to be sold as a residence. It is going to be sold as a halfway house,” Atencio said.
The residential towers are marketed towards the lower middle class segment composed of office workers, sales clerk, messengers and bank tellers that spend much on transportation cost and housing rental, Atencio said.
“They are renting anyway so what we see now is they can transfer that budget into a monthly amortization for Urban Deca Tower. Therefore, there is no disruption for the budget of our buyer,” Atencio said.
Last week, 8990 Holdings broke ground for 42-story Urban Deca Tower EDSA, its first residential tower in the metropolis. To be built by publicly-listed Megawide Construction Corp., the Urban Deca Tower EDSA will cost around P735 million and would take about 36 months to be completed.
“We are sure on another one, the Urban Deca Tower Yakal in Makati,” Atencio said. The residential tower will be launched late this year or early next year.
The mass housing developer said it continues to expand its landbank, this time with the acquisition of a 13-hectare property located in Marilao, Bulacan owned by agribusiness firm Vitarich Corp. for P610 million.
Atencio said the Vitarich property would add an estimated 1,885 units of townhouses or 1,105 units of single attached houses. It also allowed 8990 Holdings to increase its coverage to a new province and tap the growing demand for affordable homes north of Metro Manila.
Since starting its mass housing business in 2003, 8990 Holdings has completed 11 projects in Luzon (Angeles, and Cavite Cities), Visayas (Cebu Province and Iloilo), and Mindanao (Tagum and Davao Cities). So far, 8990 Holdings is developing 15 projects in Cebu, Davao, Iloilo, Clark, Pampanga and other major hubs in the Philippines.