8990 Holdings to invest P80 B up to 2020 for latest project

8990 Holdings, the listed mass housing developer, is investing P80 billion by 2020 for its latest project, Urban Deca Homes Manila.

The P13 billion project is located within an 8.4-hectare property in Tondo, Manila, which upon completion will deliver 13,000 units with an estimated value of P21 billion.

This as the country remains bullish on the growth prospects of the affordable housing industry in Metro Manila.

“We’ve proven that the moment buildings are already put up, sales performance increases as well. Once our buyers saw that the buildings are already nearing completion, we noticed a steady increase in our sales. This will definitely keep our brokers very busy this Christmas season,” 8990 Holdings chief operating officer Willie Uy said.

He said the latest project is part of 8990’s main goal of bringing affordable housing closer to all levels of middle income Filipinos in Metro Manila. Given the company’s indepth knowledge of the needs, preference and constraints of its customer base, its current projects reflect a specific need.

Urban Deca Homes Manila will meet the housing needs of larger families who would want to reside within Metro Manila. The project will also feature a mall that would serve as an amenities area for its residents.

“We are very excited about this project. You see, Tondo has such a tightly knit community and the people who grew up there prefer to stay there. It is also attractive to entrepreneurs and employees who have businesses and work in the surrounding areas such as Caloocan-Malabon-Navotas-Valenzuela and surrounding areas of Manila including Divisoria, Sta Cruz and Ermita. But you don’t see that many developments in the area that would accommodate the high demand for housing. This makes Tondo ripe for redevelopment. One can only imagine how much the landscape of Tondo would change in the next five years,” Uy said.

8990 successfully raised P5 billion from the sale of preferred shares recently, proceeds of which would be used to refinance existing obligations.