8990 Launches PhP8B Tondo Project
Makati—(PHStocks)—Leading mass housing developer 8990 Holdings (PSE: HOUSE) has launched a residential condominium with a mall in Tondo, Manila and expects to spend over PhP8 billion worth of investments for the project.
8990 Holdings president and chief executive officer Januario Jesus Atencio, chairmen Mariano Martinez and Luis Yu led the groundbreaking ceremonies on December 1 for the 8990 Deca Homes Manila in Vitas in Tondo.
The listed company is pumping in PhP8 billion for the construction of 13 residential buildings with 13,212 housing units and 2,226 parking slots. It is also spending PhP300 million for development costs, including a full service two-storey mall tentatively called the DECAmall.
The 12-storey buildings would be constructed in the 8.4-hectare complex that was acquired from Tondo Holdings Corp. as well as Euson Realty and Development Corp. for PhP1.6 billion in the middle of last year.
A studio-type unit would have a footprint of 22.95sqm followed by a one-bedroom unit measuring 27.42sqm. Two-bedroom units would also be offered with one measuring 30.6sqm and the other 32.18sqm.
The condominium township project would have shopping, dining, and recreational facilities on top of the regular amenities that include parks, playgrounds, and basketball courts.
The mass housing developer is also launching a similar project in Ortigas Avenue extension in Pasig City. The project would consist of 26 buildings and 24,720 housing units.
The company acquired the 13-hectare property from Consolidated Tobacco Industries of the Philippines and Center Industrial and Investment Inc. for PhP2.2 billion in February last year.
Aside from residential buildings and a shopping mall, the Ortigas development project would also have two business process outsourcing (BPO) oriented towers.
8990 Holdings has tapped Filipino-owned Megawide Construction Corp. (PSE: MWIDE) to build the mid-rise residential condominium towers for both projects.
Earnings of 8990 Holdings grew 11.8 percent to PhP3.16 billion from January to September this year compared to PhP2.83 billion in the same period last year. Gross revenues increased 13.1 percent to PhP7.06 billion from PhP6.24 billion.