8990 eyes P7.2-B sales from Cubao condo
MASS HOUSING developer 8990 Holdings, Inc. on Tuesday said it expects to generate P7.2 billion in sales from its new condominium project in Cubao, Quezon City.
In a disclosure to the Philippine Stock Exchange on Wednesday, the property firm said its subsidiary 8990 Housing Development Corp. tapped Megawide Construction Corp. as the general contractor for the P3.6-billion condominium.
Urban Deca Towers-Cubao, a 45-storey condominium, will rise on a 4,310-square meter lot at the corner of EDSA and Banahaw St. in Cubao. It is located in front of the Farmers Market in Araneta Center and near the Metro Rail Transit-Line 3 station.
8990 Holdings said Urban Deca Towers- Cubao is slated for completion within a 48- month period, with the turnover of lower-ground units starting by the third year.
It will offer 5,207 residential units on 35 floors, 651 parking slots on two floors, and 260 commercial spaces on eight floors.
“With retail prices starting at P1.2 to P1.5 million per unit, monthly amortizations become very affordable, highlighted by the value proposition of living in a highly accessible prime location like Cubao,” 8990 Holdings President and Chief Executive Officer Januario Jesus B. Atencio III said in the disclosure.
Urban DECA Towers- Cubao is 8990 Holdings’ second condominium, which adopts the “halfway house” concept in such projects, Mr. Atencio added.
Under the “halfway house” concept, 8990 Holdings will deliver the residential units measuring 13 square meters fully furnished with beds, cabinets, complete toilet and bath, table and chairs, air conditioning units and microwave.
“With about 10 million workers in Metro Manila looking for living spaces near their work places, the ‘ halfway house’ concept is the better alternative to bed- spacing or renting in dormitories and sharing apartments in the weekday, where our buyers can enjoy quality of life while retaining their primary residences outside the metropolis which they can come home to in the weekends,” Mr. Atencio said.
8990 Holdings first implemented the concept in its maiden condominium project located along EDSA in Pasig City. The construction of the residential tower has advanced 100 days ahead of schedule, while sales have reached 55% since January.
The company expects its first condominium development to top off in August, paving the way for the turnover of the first 200 units in the fourth quarter.
8990 Holdings saw a 10% year- on- year increase in earnings to P1.03 billion in the first three months of the year. The company targets to grow its full-year net income by 20% to P4.8 billion, following a 24% rise in revenues to P12 billion.
Shares in 8990 Holdings were unchanged at P7.70 apiece on Wednesday. —