Mass housing developer 8990 Holdings has tapped construction and engineering firm Megawide Construction Corp. to build 39 mid-rise residential condominium towers with an estimated sales value of P53 billion.
The residential towers form part of two mixed-used estate projects of 8990 Holdings: one in Tondo, Manila and another on Ortigas Avenue Extension, making available by 2020 around 40,000 “affordable” residential units, each priced at below P1.5 million, 8990 Holdings president Januario Jesus Atencio said in a briefing on Monday.
The two projects have a combined gross area of 22 hectares.
The 13-hectare Urban Deca Homes on Ortigas Avenue Extension will have 26 buildings and a total of 24,720 residential units while the 8.4-hectare Urban Deca Homes in Vitas, Tondo will have 13 buildings and a total of 15,012 residential units.
Atencio said that aside from the residential component, these projects will have two shopping mall buildings while the Ortigas Extension property will also have two business process outsourcing-oriented office towers, thus adding recurring earnings to 8990 Holdings’ portfolio.
For the residential component, the two projects are estimated to accommodate about 120,000 residents, once all towers are completed.
They will have parks and playgrounds, basketball courts as well as full-service malls that will have shopping, dining, recreational and institutional establishments.
Atencio said each unit would have a footprint of as much as 45 square meters (sqm) but there would be 30-sqm and 13-sqm cuts as well.
“We value partnerships, and are excited about our collaboration with Megawide. As a company that values quality, we have partnered with Megawide—the best company that provides the highest quality of pre-cast construction—to insure that our housing products for high-rise condominiums will be built by a company that similarly values quality above all else,” Atencio said.
Megawide chair Michael Cosiquien added: “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 their best in 8990’s condo projects.”