8990 Holdings to build condo in Cubao

8990 Holdings Inc., a fast-growing developer of affordable homes, is ramping up its presence in the competitive high-rise residential condominium market in Metro Manila.

8990 Holdings said in a statement that it acquired a 4,200-square-meter property across Farmer’s Market along Edsa within the Araneta Center Complex in Cubao, Quezon City. The builder, which acquired the land for P366 million, said it would construct another high-rise condominium.

The low-cost developer said the project to be launched in 2016 “would also adopt the halfway house concept addressing the real need of workers in Metro Manila.” It said the project would comprise 4,500 units priced at P1 million each.

The area is near a railway station and mass transportation systems in Quezon City, including the busy Metro Rail Transit Line 3 and the Light Rail Transit Line 2.

8990 Holdings, led by its president and CEO Januario Jesus Atencio III, introduced the first condominium project in Metro Manila priced under P1 million consistent with its core business of offering low-priced housing units. It is building the 42-storey Urban Deca Towers in Mandaluyong City near Edsa and Shaw Boulevard. This is expected to be completed in the third quarter of 2017.

The company has tapped Megawide Inc. as contractor for the high-rise condominium project. Price starts at P875,000 a unit and buyers with cars could buy parking slots at P500,000.

8990 Holdings earlier said it was “looking at a 15 to 21 percent increase in earnings” to a range of P3.8 billion to P4 billion this year. This after chalking up a 52 percent jump in net profit to P3.3 billion in 2014.

8990 Holdings sees revenues increasing between 22 and 27 percent to a range of P9.6 billion to P10 billion this year. The company’s gross revenues jumped 48 percent to P7.9 billion last year. Miguel R. Camus