8990 sells half of 1st high-rise condo project in 6 months

MASS-HOUSING developer 8990 Holdings Inc. said it sold half of its first high-rise condominium project in Metro Manila and will turn over the sold units to some of the owners by the end of this year.

The company said its 42-story Urban Deca Tower along Edsa in Mandaluyong is now on its 30th floor and is 70 days ahead of schedule.

“The project is 48-percent 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,” the company said in a statement.

The 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 P1.4 million per unit.

Total project cost is P800 million, while the gross revenue is expected to reach P1.7 billion. It said expected date of completion is September 2017.

“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,” 8990 President and CEO Januario Jesus Gregorio III Atencio said.

He said the high-rise tower targets workers in Metro Manila living in the outskirts of the city, where having a condo unit is seen as a viable alternative to renting dormitories or paying for bed space. 8990’s Urban Deca Tower on Edsa is able to convert rental expense into monthly amortization and property ownership, he said.

The property 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 and commercial spaces. The building will be equipped with a 24-hour closed-circuit television 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 company expects to launch two more projects in Metro Manila this year, targeting employees. These projects include the condominium complex located in Tondo, Manila, composed of 13,000 units comprising 13 12-floor buildings. Another project is located on Ortigas Avenue Extension, composed of 33,000 units in 24 12-floor buildings. Both these projects would have a full-sized community mall called Deca Mall.