MASS-housing builder 8990 Holdings Inc. said it launched its second mid-rise condominium development in Barangay Tisa, Cebu City, which has a total value of approximately P2 billion.
The first project in Tisa has already been sold out, the company said.
8990 Holdings has been developing in high-growth areas across the Visayas and Mindanao, with 45 completed projects since 2003. There are currently six ongoing projects in the Visayas, while two projects are ongoing in Mindanao.
“Urban Deca Homes Tisa 1 was well-received by the market due to its affordability combined with a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” 8990 Holdings President and CEO Willibaldo J. Uy said. Since demand continues to be strong, Uy added they have decided to launch Urban Deca Homes Tisa 2, which will continue to cater to young, working professionals and parents, as well as college students from neighboring provinces who work or study in Cebu City.
The project will have 21 four-story buildings served by elevators. Each building will have an average of 70 units, or a total of 1,392 units for the entire project. 8990 Holdings Inc. will spend around P800 million until 2021 for the development of Urban Deca Homes Tisa 2.
Buyers have the option of choosing studio-type units with a floor area of about 26.8 square meters (sq m), selling for an average of P1.17 million per unit, or two-bedroom units of about 36.5 sq m with an average price of P1.58 million each.
Uy said the company expects to generate P477 million from the sale of 408 studio units and P1.56 billion from the sale of 984 two-bedroom units. Construction has already started on November 15, 2017.
The company is allotting P3 billion for capital expenditures this year for the development of more mass-housing projects, both vertical and horizontal, as it aims to help the government reduce the huge housing backlog of 5.9 million units.
Uy further added the biggest project they hope to start selling and building will be its Ortigas Avenue Extension condominium complex. The company will also be developing horizontal house-and-lot projects in Iloilo, Cebu and Davao.