MASS HOUSING developer 8990 Holdings, Inc. said it has completed its first high-rise development in Metro Manila.
In a disclosure to the stock exchange on Monday, the listed firm said it has finished work on Urban Deca Towers EDSA in Barangay Highway Hills, Mandaluyong. The 42-storey residential building offers 1,143 units, with a sales value of P1.15 billion.
With units priced between P990,000 to P1.25 million, 8990 Holdings was able to sell out the tower 21 months after its launch.
“The fast take-up of the units convinced us to continue development of these types of units along major thoroughfares,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.
The company is now in the process of turning over the units, with 445 already occupied by owners since the third quarter of 2017. Amenities in the tower include a food court, convenience store, and self-service laundromat.
Urban Deca Towers EDSA offers units covering 13.06 square meters each, in line with the concept of micro-condos.
“I believe micro-condos will be the norm rather than the exception in the future especially in larger cities such as Metro Manila. Higher home prices have resulted in people moving outside of the Metro and end up traveling more than two hours to where they work,” Mr. Uy said.
With this project, 8990 Holdings aims to provide students and workers a place to stay within the metro during the weekdays, eliminating the need to commute or rent a dormitory.
“What they typically would spend in renting a dorm or commuting is enough to cover their monthly amortization. Urban Deca Towers EDSA not only creates work-life balance but also allows our buyers to own an asset in the heart of the city,” the 8990 Holdings executive added.
8990 Holdings will be spending around P3 billion in capital expenditures this year to support its expansion across the country. It will also be launching P60 billion worth of projects during this period.
Shares in 8990 Holdings picked up 23 centavos or 3.55% to close at P6.71 each at the stock exchange on Monday. — Arra B. Francia