Mass housing developer 8990 Holdings Inc. has rolled out a new mid-rise condominium complex in Cebu City that will bring to the Visayan property market about P2 billion in new affordable residential inventory.
Urban Deca Homes Tisa 2—8990 Holdings’ second condominium project in Barangay Tisa, Cebu City—seeks to cater to young, working professionals and parents as well as college students from neighboring provinces who work or study in Cebu City.
This project will have 21 four-story buildings served by elevators. Each building will have an average of 70 units or a total of about 1,400 units for the entire project.
The first project in Tisa had been sold out, prompting the company to start development of the second complex. The new project broke ground on Nov. 15.
“Urban Deca Homes Tisa 1 was well-received by the market due to its affordability combined with a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” 8990 Holdings president and chief executive officer Willie Uy said in a press statement.
For this new project, buyers have the option to choose studio-type units with floor area of about 26.8 square meters per unit, selling for an average of P1.17 million per unit, or two-bedroom units of about 36.5 square meters at an average price of P1.58 million each.
8990 Holdings plans to spend about P800 million until 2021 for the development of Urban Deca Homes Tisa 2.
Uy said 8990 Holdings was expecting to generate P477 million from the sale of 408 studio units and P1.56 billion from the sale of 984 two-bedroom units.
What made Urban Deca Homes Tisa 2 appealing to its target market, aside from the view and affordability, was its close proximity to the Tisa Public Market (700 meters), Tisa High School (777 meters), Our Lady of Lourdes Parish (1.63 kilometers), Chong Hua Hospital (2.7 kms), Cebu City Hall and Basilica Del Sto. Niño (4.1 kms), according to Uy.
8990 Holdings has been building in high-growth areas across Visayas and Mindanao. There are currently six ongoing projects in Visayas and two in Mindanao. —DORIS DUMLAO-ABADILLA