Mass housing developer sets P7B for new projects

CEBU, Philippines - Listed mass housing developer 8990 Holdings is set to launch two housing projects in Mactan, Cebu worth P7 billion.

In a disclosure to the Philippine Stock Exchange yesterday, the company said it will launch DECA Homes Mactan Prime and Urban DECA Homes Mactan, deemed among its largest ventures in the Visayas.

The company's newest projects located in Lapu-Lapu City will address the current rising demand for housing in Cebu.

"Our projects in Cebu are a testament to our commitment to providing decent homes to the Filipino at an affordable price," President and CEO Januario Jesus Atencio III was quoted as saying in the company's disclosure.

The property firm said DECA Homes Mactan Prime and Urban DECA Homes Mactan account for close to 70 percent of the company's current pipeline in Cebu "at a project cost of approximately P7 billion."

These two projects are expected to be completed by the end of 2023, it said.

DECA Homes Mactan Prime is situated within a 30-hectare property and has an estimated project value of P4.2 billion.

Once completed, this gated community will provide 3,507 housing units with a community gathering area and 16,000 square meters of commercial space.

On the other hand, Urban DECA Homes Mactan is a 15-hectare property valued at P6.5 billion that will house mid-rise buildings with a total of  6,828 units upon completion of the project.

The development offers studio and 2-bedroom units and paves the way for working professionals and start-up families to own their own condominium units easily accessible to the city center.

"Easily accessible through public transportation, both projects provide new affordable homes just minutes from the local school, hospital, commercial center and public market. It is also a mere 2.6 kilometers from the planned 3rd Mactan Bridge which is expected to be rolled out in 2022," the company said.

Last year, 8990 saw its net income rose 2 percent to P3.81 billion from P3.72 billion in 2016.

Shares of  the company were trading at P6.80 apiece in morning yesterday. (FREEMAN)