8990 unveils Tondo project

MANILA, Philippines - Mass housing developer 8990 Holdings is pouring in roughly P8.5 billion for Urban Deca Homes Manila, its latest project located in Vitas, Tondo.

On the sidelines of the project’s groundbreaking ceremony yesterday, 8990 Holdings president and CEO Januario Jesus Atencio said the project would consist of 13 mid-rise residential buildings and a mall.

There will be 13,212 residential condominium units and 2,226 parking slots.

One building comprising of 1,000 units will be constructed every three months until its target completion year in 2019.

The company is also spending P300 million for the development of a full service two-story mall tentatively called the DECAmall.

The project is expected to generate up to P20 billion in revenues for the company.

The 12-story buildings will be constructed in the 8.4-hectare complex that was acquired from Tondo Holdings Corp. as well as Euson Realty and Development Corp. for P1.6 billion in the middle of last year.

Units will consist of studio type (22.95 square meters), one-bedroom ( 27.42 sqm) and two-bedrooms (30.6 sqm-32.18 sqm).

Unit prices are set at P1.2 million, P1.4 million and P1.6 million, respectively.

The condominium township project would have shopping, dining, and recreational facilities on top of the regular amenities that include parks, playgrounds, and basketball courts.

8990 Holdings has tapped Filipino-owned Megawide Construction Corp. as  partner for the Tondo project.

Megawide CEO Mike Cosiquien said the company is “pleased to be involved in this immense project to provide engineering excellence and innovation solutions for 8990.”