Makati—(PHStocks)—8990 Holdings Inc.’s (PSE: HOUSE) 42-storey Urban Deca Tower along EDSA Mandaluyong is now on its 30th floor and is 70 days ahead of schedule. As of this time, the project is 48% sold out. Expected topping off and delivery of the first batch of at least 400 units on the lower floors will be by the end of the year.
This project, the first high rise condominium for 8990, started in November 2014, has a total of 1,148 units, and is priced at an average of PhP1.4 million per unit. Total project cost is PhP800 Million, while the gross revenue is expected to reach PhP1.7 billion. Expected date of completion is by September 2017.
8990 president and CEO Januario Jesus Gregorio B. Atencio III said, “Our Urban Deca Tower was never meant to be for primary residence. The Tower’s concept of “halfway housing” is 8990’s response to the growing phenomenon in Metro Manila where more and more workers are deciding to get a rented space near their workplace and go home to their residences on weekends. This is a result of traffic congestion, high cost of transportation, as well as a diminution of lifestyle because of those factors.”
Thus, the high rise tower targets workers in Metro Manila living in the outskirts of the city, in which having a condo unit is seen as a viable alternative renting dormitories or paying for bed space. 8990’s Urban Deca Tower EDSA is able to convert rental expense into monthly amortization and property ownership.
The Tower will have 41 residential floors, a ground floor social area, four basement levels, parking slots, a convenience store, a Laundromat, a food hall, lounge area as well as commercial spaces. The building will be equipped with a 24-hour CCTV and security and four high-speed elevators.
Each unit is telephone and cable-ready and comes fully furnished with air-conditioning, microwave oven, basic cabinets, mattress, curtains and a small dining table.
The EDSA Tower is the first high rise project in Metro Manila where 8990 has committed to launch two new projects this year. These are the condominium complexes located in Tondo, Manila – 13,000 units comprising 13 twelve-floor buildings, and another one located in Ortigas Avenue Extension – 33,000 units in 24 twelve-floor buildings. Both these projects would have a full sized Community Mall called “DECA MALL” as the major amenity.