8990 Launches Urban DECA Homes Hernan Cortes

Makati—(PHStocks)—8990 Holdings Inc. (PSE: HOUSE) launched Urban DECA homes (UDH) Hernan Cortes on 27 May 2016, the fourth project to be launched this year and the third medium rise building (MRB) of 8990 in Cebu.

Total reservations on the launch were 65 units, compared to previous MRB projects in Cebu, the 65 reservations were a big jump from 8 units reserved during the launch of UDH Tipolo in 2012 and also the 8 units reserved in UDH Tisa last 2014.

HOUSE CEO JJ Atencio said, “We are pleased with the turnout of reservations in the launching of UDH H. Cortes, this is an indication that of a huge unmet demand in affordable housing that 8990 DECA Homes is able to serve.”

The company will be spending Php 573 M for the construction of 17 residential buildings with 4 storeys each. UDH H. Cortes will produce a total of 1,596 housing units in the 3.2 hectare lot in Kasambangan in Cebu City.

A studio-type unit would have a footprint of 26.8 square meters. Two-bedroom units would also be offered with a size of 36.5 square meters. The prices of the project is between Php 1.15M to Php 1.475 M.

The project is located at the back of Cebu Country Club Golf Course and is between Cebu City and Mandaue City.

“The location is perfect for people working at Cebu city and people working at the booming city of Mandaue, and with affordable prices of Php 1.15 M to Php 1.475 M, we are confident that this project will be a hit in Cebu.” Atencio added.

Earnings of 8990 Holdings grew by 10 percent to Php 1.03 billion from January to March this year compared to PhP937 million in the same period last year. For 2016, the mass housing developer sees its net income growing by 20 percent to P4.8 billion on the back of a 24 percent increase in revenues to PhP12 billion.