an artist’s rendition of Urban Deca Tower- Cubao
MASS housing developer 8990 Holdings is developing a new condominium tower in Cubao, Quezon City that offers affordable “halfway” houses to urban workers, bringing P7.2 billion worth of new inventory to the residential property market.
8990 Holdings’ subsidiary 8990 Housing Development Corp. has signed up Megawide Construction Corp. to construct the 45-storey “Urban DECA Tower-Cubao” near the Cubao Station of the MRT – a development that offers small residential units closer to the occupant’s place of work, based on a disclosure to the Philippine Stock Exchange on Wednesday.
Construction cost is estimated at P3.6 billion. Located on a 4,310 -square meter site along EDSA corner Banahaw Street fronting the Farmers Market in Araneta Center, the new offering will have 5,207 residential units, 51 parking slots and 260 units for commercial space leasing. Period of completion is estimated at 48 months, with the initial delivery of lower ground units by the third year.
Under 8990’s “halfway house” concept, the units measuring 13 square meters will come fully furnished with beds, cabinets, complete toilet and bath, table and chairs, air condition units and microwave.
“With retail prices starting at P1.2 to P1.5 million per unit, monthly amortizations become very affordable, highlighted by the value proposition of living in a highly accessible prime location like Cubao,” 8990 Holdings chief executive officer Januario Jesus Atencio said.
This is 8990 Holding’ second foray into this “halfway” house condominium concept, which Atencio noted was a follow-up to the successful launch of the initial project based on this concept in EDSA Pasig. He was referring to the condominium project along EDSA between Shaw Boulevard and VM Potenciano Medical Center, which is estimated to be 100 days ahead of its construction schedule and 55 percent sold when pre-selling began last January 2016.
The EDSA Tower is expected to top off this August. Delivery of the first 200 units to homeowners is targeted by the fourth quarter of this year.
“With about 10 million workers in Metro Manila looking for living spaces near their work places, the halfway house concept is the better alternative to bed-spacing or renting in dormitories and sharing apartments in the weekday where our buyers can enjoy quality of life while retaining their primary residences outside the metropolis which they can come home to in the weekends,” Atencio said.
8990 Holdings grew its net profit by 10 percent year-on-year to P1.03 billion from January to March 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.