8990 Holdings building R452-M mall in Tondo

Top mass housing developer 8990 Holdings, Inc. is spending R452 million for the construction of a mall in its Urban Deca Homes project in Tondo, Manila.

In an interview after the mall’s groundbreaking ceremony, 8990 Holdings President and CEO Januario Jesus Atencio said the mall is supposed to be completed in one year.

"We're now in the process of getting (anchor tenants). There's no one yet. But, now that the mall has broken ground, it would be easier for us to generate interest for the tenants,” said Atencio.

He explained that, “basically, there will be two anchor tenants, one will be the department store, the other the supermarket. We're looking for a department store and supermarket to solve the area's retail and consumer goods need and problems.”

Atencio noted that in the Vitas area in Tondo, “there is no mall and this is one of the densest places in the Philippines. A lot of people live here.”

The opening of the mall will also coincide with the start of the turnover of the residential condominium units of Urban Deca Homes. One to three buildings are expected to be completed by next year.

Meanwhile, Atencio said the proposed imposition of the value added tax on socialized housing will be “devastating.”

“I understand that because of the infrastructure requirements of this administration, because of the social policies that this administration wants to do, the amount of appropriation can only come from taxation,” he said.

However, Atencio pointed out that, “development and progress is not all about money. Take a look at housing. It contributes to the economy as an industry in a way other industries cannot compare. It has one of the highest economic multipliers of GDP 3.44. Tax multiplier of 3.”

Atencio lamented that housing is already one of the most heavily taxed industries in the Philippines. (JAL)