8990 building affordable condominium close to Alabang CBD

MASS housing developer 8990 Holdings Inc. has earmarked P850 million to build its first medium-rise condominium complex in Muntinlupa City, offering affordable residential options close to the Alabang central business district (CBD).

In a press statement on Thursday, 8990 Holdings said the project – called Urban Deca Homes Campville project located at Km 23 East Service Road – would consist of 12 four-storey buildings which will bring to the property market additional 1,024 residential units. The first of the 12 medium-rise buildings (MRBs) is expected to be completed and fully turned over to homeowners by August this year.

While the project is expected to be completed in just 24 months, the target is to deliver 488 units worth P414 million this year.

8990 president and chief executive officer Januario Jesus Atencio said: “The project hopes to attract residents south of Manila who are presently renting but aspiring to become primary asset owners, as well as cater to the growing needs of workers of BPOs (business process outsourcing) in the Alabang area and overseas Filipino workers desiring to own a residence in that area of Metro Manila.”
 
The MRB condominium complex will have elevators, a multipurpose hall, a swimming pool, basketball court, children’s park as well as parking for 139 vehicles and 147 motorcycles.
 
Each unit will have a footprint of about 25 square meters and feature kitchen countertop, sink, overhead cabinets, tiled bathrooms with bath fixtures including shower, water closet, and lavatory with faucet. The painted and tiled finished units also include aluminum windows with clear glass. They will be all equipped with smoke detectors and sprinkler systems.

Selling price starts at P1.27 million for each unit located on the ground floor and P1.37 million for the units on the fourth floor.

8990 said potential homebuyers could fund their acquisition through Home Development Mutual Fund or Pag-IBIG Fund or through an innovative in-house finance program.

The housing developer’s in-house financing program requires a reservation fee of P10,000 and a downpayment of P30,000 for locally-employed buyers, and P60,000 for self-employed and overseas Filipino workers, payable in three months.  These downpayment levels are noted to be the lowest in the industru.

Coupled with a low downpayment and a monthly amortization that starts from P11,771.77, Urban Deca Homes Campville is envisioned to be one of the most accessible and affordable MRB housing projects in South Metro Manila.

“We strive to maintain our affordable housing prices even in Metro Manila.  We believe that our housing products, which caters to the typical working class middle and lower-income family, relate directly to the aspirational and ‘value-for-money’ goals of this market that we are committed to serve”, added Atencio.

Urban Deca Homes Campville is one of the nine projects programmed to be launched by 8990 this year to beef up its inventory of housing units. These projects situated in Muntinlupa, Cavite, Cebu, Iloilo and Davao would deliver 4,486 housing units with a value of P4 billion this year.
 
Other projects include the Deca Homes Tanza in Cavite; the economic and socialized housing units in Deca Homes Guadalupe in Cebu; the Deca Homes Talisay 3; the Deca Homes Pavia in Iloilo; as well as the Deca Homes Resort Residences Prime, Deca Homes Resort Residences Commercial Phase 11, and Deca Homes Catalunan Grande in Davao.
 
Together with the 10 ongoing projects, the 19 projects of 8990 are seen to provide a total of 11,083 housing units worth between P450,000 and P1.25 million per unit for a total gross value of P10 billion this year.
 
8990 – which trades on the local stock exchange under the ticker “HOUSE” – sees its net income this year growing between 15 percent and 21 percent to a range of P3.8 billion to P4 billion from P3.3 billion last year.  It recorded a net income of close to P1 billion in the first quarter.