8990 Holdings Inc. expects reservation sales to hit 2,000 units

MANILA, Philippines — 8990 Holdings Inc., the listed mass housing developer is close to selling 2,000 units at  its 13-building project in Tondo, Manila.

About  3,200 units were put on sale and are expected to be delivered before the end of the year.

The project will rise within an 8.4-hectare property that aims to change the landscape of Tondo.

8990 will spend P8 billion through 2020 for this project.  When completed,  the company will deliver 13,000 units worth around P20 billion.

 In 2018 alone, 8990 expects to generate P4 billion in sales from its Tondo project.

 In the first quarter, revenues from the project  stood at almost P1 billion.

“Once our buyers saw that  the buildings are nearing completion, we noticed a significant jump in our sales. We are certain we will see this trend continue as we roll out more units to meet the strong demand for housing in the Tondo area,” said 8990 president Willie Uy.

The project is composed of eight buildings, of which four will be completed this year and the rest by the first half of 2019. It will create an ongoing and consistent revenue and profit stream, he said.

 The Tondo development carries the Urban Deca Homes brand.

By 2020, 8990 will have a total of 15,285 units in Metro Manila.

 Aside from the Tondo project, the company is currently developing 1,024 units at Urban Deca Homes Campville in Muntinlupa City. Another project is Urban Deca Towers Edsa, a 42-floor residential building that has a total of 1,143 units.

 8990 started turning over units for UDT Edsa in the third quarter of 2017.