8990 upbeat on condo projects in Tondo
Leading housing developer 8990 Holdings has reported brisk sales of residential condominium units in Tondo, Manila,—its largest development in the metropolis—as condominium living starts to appeal to the mass market.
Units in 8990 Holdings’ Urban Deca Homes Manila (UDH Manila) in Tondo are selling between P1.4 million and P2 million with a size of 22.95 to 32.17 square meters.
UDH Manila is projected to contribute about P4.4 billion in revenue or 40 percent of 8990’s overall revenue target of P11.5 billion for 2018, the company said in a statement.
In the first quarter alone, UDH Manila contributed nearly P1 billion in revenue.
To date, about 1,842 units have been taken up. 8990 Holdings expects to deliver 3,200 units from UDH Manila by the end of the year.
The 13-building project is located in an 8.4-hectare property in Tondo, Manila. The company has earmarked P8 billion until 2020 for this project. Upon completion, UDH Manila will deliver 13,000 units with estimated sales value of P21 billion.
“Once buyers saw that buildings are nearing completion, we noticed a significant jump in sales,” 8990 president and CEO Willie Uy said. “We are certain we will see this trend continue as we roll out more units to meet strong demand for housing in the Tondo area.”—DORIS DUMLAO-ABADILLA