8990 Holdings unveils new residential project in Cebu

Mass housing developer 8990 Holdings has unveiled a new medium-rise residential development project in Cebu, targeting the working class in the city of Mandaue.

The project—Urban DECA homes (UDH) Hernan Cortes—is the fourth project to be launched by 8990 Holdings this year and its third medium rise township project in Cebu.

8990 Holdings will spend P573 million for the construction of 17 residential buildings with four storys each, the company said in a press statement Monday.

UDH H. Cortes will produce a total of 1,596 housing units in the 3.2-hectare lot in Kasambangan in Cebu.

A studio-type unit in this project will have a footprint of 26.8 square meters. Two-bedroom units are offered with a size of 36.5 square meters.

The project is behind the Cebu Country Club Golf Course.  It is between Cebu City and Mandaue City.

“We are pleased with the turnout of reservations in the launching of UDH H. Cortes, this is an indication of a huge unmet demand in affordable housing that 8990 DECA Homes is able to serve,” 8990 Holdings Januario Jesus Atencio said.

“The location is perfect for people working in Cebu City and people working in the booming city of Mandaue, and with affordable prices of P1.15 million to P1.475 million, we are confident that this project will be a hit in Cebu.” Atencio added.

8990 Holdings’ net profit grew by 10 percent year-on-year to P1.03 billion in the first quarter this year.

For 2016, the mass housing developer sees its net income growing by 20 percent to P4.8 billion on the back of a 24-percent increase in revenues to P12 billion.