8990 Holdings expands Cebu presence with 2 new projects
Leading mass housing developer 8990 Holdings is expanding its footprint in the Visayas with the rollout of two new “family-friendly” residential projects in Mactan, Cebu worth a combined P7 billion.
The two projects are so far 8990 Holdings’ largest ventures in the region—Deca Homes Mactan Prime and Urban Deca Homes Mactan, both of which are located in the highly urbanized city of Lapu-Lapu.
“Our projects in Cebu are a testament to our commitment to providing decent homes to the Filipino at an affordable price,” 8990 Holdings president and CEO Januario Jesus Gregorio Atencio III said in a press statement. The site is also only 2.6 kilometers from the planned third Mactan Bridge, which is expected to be completed in 2022, providing homebuyers convenience.
The two new projects account for close to 70 percent of the company’s current pipeline in Cebu. Both are expected to be completed by the end of 2023.
Deca Homes Mactan Prime is a gated community situated in a 30-hectare property and has an estimated project value of P4.2 billion.
Once completed, this community will provide 3,507 home units with a community gathering area and 16,000 square meters of commercial space where families can spend their leisure time. The project offers homes starting at P1.3 million for a footprint of 54 square meters.
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.
The development offers studio and two-bedroom units targeting working professionals and start-up families in need of condominium units easily accessible to the city center.
The new condominium project will offer units priced starting at P1.2 million for 27 square meters of living space while 37-square meter units are offered at around P1.4 million.
“Cebu has always been a major hub for 8990. Deca Homes as a housing brand started in Cebu about 15 years ago. The housing market is very demand-driven given high level of business activity and in-migration that gives rise to increasing levels of disposable income combined with a scarcity of raw land for housing development,” Atencio said.
“But like Metro Manila, housing in Cebu is fast becoming more of mid-cost housing and therefore the excitement in Cebu is accepting the challenge to provide decent shelter at affordable prices,” he added.
To date, Lapu Lapu City is linked to Mandaue City on mainland Cebu by the Mactan-Mandaue Bridge and Marcelo Fernan Bridge. Mactan-Cebu International Airport, the second busiest airport in the Philippines, is located in this city. —DORIS DUMLAO-ABADILLA
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