8990 breaks ground for P30-B Ortigas project

MASS HOUSING developer 8990 Holdings, Inc. has broken ground for its P30-billion condominium complex project in Ortigas Avenue Extension yesterday.

8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said the company will start selling Urban Deca Homes Ortigas units in the next few weeks since it has yet to secure a license to sell.

“We’re waiting for the license to sell, but it should be coming any time now. We’ve got all the permits already except for the license to sell... I think it’s a matter of the signing officials weren’t available,” Mr. Uy told reporters after the project’s groundbreaking ceremony.

Urban Deca Homes Ortigas is 8990 Holdings’ largest project to- date, with 22 buildings with 19,000 units to be built on a 13-hectare property. Sizes for one- and two- bedroom units range from 27 square meters (sq.m.) to below 40 sq.m.

Prices start from P1.6 million, with each sq. m. approximately costing P65,000. This will bring down amortization costs to as low as P5,000 to P7,000 per month, depending on the buyer’s payment scheme.

Mr. Uy said 8990 remains on track for the project’s completion within five years. 8990 Holdings tapped Megawide Construction Corp. to handle the project.

The company expects young families and business process outsourcing ( BPO) employees working within the area to drive demand for the project.

“One thing we’re excited about is we’re close to Ortigas, very close to Eastwood, very close to Vertis North. Ang biggest market namin is the BPO sector. Most of them are staying in Cainta, Taytay, so this will bring them closer,” Mr. Uy said.

The 8990 Holdings executive said the company is building more two- bedroom units for Urban Deca Homes Ortigas, after seeing strong demand at its Urban Deca Homes Manila in Tondo.

“What we discovered in our sales in Tondo, there are a lot more people that prefer two bedrooms, so we’re shifting. We had studios and one- bedrooms eh. We’re shifting to two bedrooms, and one- bedroom units on the corners to even out. For the family talaga,” Mr. Uy explained.

Urban Deca Homes Manila consists of 13 buildings offering more than 13,000 units, which is set to generate P4.5 billion in sales.

8990 Holdings generated a profit of P1 billion during the first quarter of 2018, following a 57% uptick in revenues to P2.5 billion. The company looks to net up to P4.3 billion this year, from a projected revenue of P11.5 billion.

Shares in 8990 Holdings dropped seven centavos or 0.96% to close at P7.19 each at the Philippine Stock Exchange on Wednesday. —