8990 breaks ground for high-rise condo

MANILA, Philippines - Mass housing developer 8990 Holdings Inc. is venturing into high-rise condominium development for the first time as it breaks ground for a new residential tower in the metropolis.

In a statement, the listed property firm said it will start today the construction of the 42-story Urban Deca Tower EDSA in Mandaluyong City.

“Our first Urban Deca Tower along EDSA presents an innovative alternative for workers in Metro Manila where we are adopting the ‘half-way’ house concept that effectively addresses the practical need of workers in Metro Manila to have a decent, clean, safe, secure, and flood-free place to stay during weekdays that is near their place of work,” said 8990 Holdings president and CEO Januario Jesus Atencio.

Urban Deca Tower EDSA will be developed by 8990 Holdings subsidiary Foghorn Inc. and will be marketed as a low-cost, value-for-money condominium.

Atencio said many Metro Manila workers live in homes as far as Laguna, Cavite and Bulacan. Hence, the condominium building will provide a viable housing solution to long commutes, traffic jams and renting dormitories and bedspaces, Atencio said.

To be built by Megawide Construction Corp., Urban Deca Tower EDSA will cost around P735 million and would take about 36 months to complete.

8990 Holdings said the high-rise tower consists of 1,148 residential units measuring 13.06 square meters, 156 basement parking slots, a convenience store, a food hall, lounge area as well as commercial spaces. It will be equipped with a 24-hour CCTV security and four high-speed elevators.

“At present, we are studying a price point that will be within the range of mass housing price that should not exceed P1.25 million per unit, and an affordable financing plan that would have a low downpayment of P2,000 per month for two years,” Atencio said.

8990 Holdings’ value proposition is that the units are basically sleeping quarters while homeowners can socialize with guests in common areas, Atencio said.

Aside from being near the bus and jeepney terminals, the residential tower also gives buyers an alternative mode of transportation as it is accessible to the Metro Rail Transit System. It is also close to numerous shopping malls and is a few minutes away from the Makati and Ortigas business districts.

8990 Holdings is one country’s top mass housing developers, having sold more than 26,000 units from completed and ongoing projects. It operates through the Deca Homes brand for horizontal projects and Urban Homes brand for vertical projects.

Apart from housing, 8990 Holdings is also in the business of resort and hotel development under the time share membership brand Azalea. It is also involved in the Deca Wake Board Park in Angeles and Davao.