22/11/2014
New 8990 Holdings project offers low-priced condos
ABS-CBNnews.com
Posted at 11/13/2014 5:33 PM | Updated as of 11/13/2014 5:34 PM
MANILA – Low-cost housing developer 8990 Holdings Inc. is expecting to generate sales of about P1.15 billion from its new condominium project along EDSA in Mandaluyong City.
The 42-storey Urban Deca Towers will have 1,148 units priced between P990,000 and P1.25 million. The size of each unit is 13 square meters.
The low-priced condo units are envisioned to serve as a “half-way house” for employees and students who commute to and from the Ortigas and Makati central business districts.
"Urban Deca-Tower EDSA is not meant to be a primary residence, but rather targets a growing niche market of urban dwellers who are currently renting. This will afford them the opportunity to convert already existing budget into a monthly amortization," said Januario Jesus Atencio, president and chief executive of 8990 Holdings.
Atencio added that “sales have been encouraging with at least 250 letters of intent that signifies a growing need for this type of housing in the metropolis.”
The project, which is being undertaken by 8990 Holdings subsidiary Foghorn Inc., is the listed firm’s first high-rise condominium project.
The high-rise tower will consist of 41 residential floors, ground floor, four basement levels, 147 parking slots, convenience store, Laundromat, 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.
The 13 square meter unit comes fully furnished with airconditioning, microwave oven, basic cabinets, mattress, curtains, and a small dining table.
The target date of completion is by 2017.
For the third quarter of the year, 8990 Holdings booked earnings of P1.02 billion, a 74 percent increase from the P589 million posted in the same period last year.
Reservation Fee for a studio Unit is P10,000 ONLY.
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