8990 Holdings, Inc. and Megawide Construction Corp. have broken ground Urban Deca Tower Cubao in Quezon City yesterday, a project the mass housing developer expects will rake in P10 billion in sales.
In a groundbreaking ceremony at the project site yesterday, 8990 Holdings Chairman Emeritus Luis N. Yu, Jr. said the residential development is expected to be completed in four years.
“This is 5,200 units. I think the commitment is the first half will be (turned over in) three years, the remainder would be in four,” he said.
Units at the building will be sold at around P1.8-1.9 million, Mr. Yu said, which he hopes will attract residents commuting through the transport center in Cubao.
The project is located at the corner of EDSA and Mayor Ignacio Santos Diaz St. in Quezon City — a few steps from the Metro Rail Transit Line 3 and right across Araneta Center where bus, jeepney and utility vehicles (UV) express terminals are located.
“Our idea here is what you pay for (the units) is what you actually spend for transportation cost… This is not a house. This is a halfway house,” Mr. Yu said.
Urban Deca Tower Cubao is the fourth project of 8990 Holdings where it tapped Megawide as contractor. The others are Urban Deca Tondo, Urban Deca Homes Ortigas and Urban Deca Tower EDSA.
“We are proud to once again be working with 8990 Holdings on their latest venture into the mixed-use space… We are grateful for their continued trust in Megawide and are committed to providing first-world construction solutions to meet their standards,” Megawide Deputy Head for Construction Frederick T. Tan said in a statement.
In its 2018 annual report, Megawide said its projects with 8990 Holdings contribute 10% to its total revenues since 2016. Its total revenues in the first nine months of 2019 stood at P13.7 billion, up 7% year on year.
8990 Holdings is expecting revenues of about P20 billion by yearend, pumped by sales from the opening of at least four buildings in its Urban Deca Homes Ortigas project.
Shares in 8990 Holdings at the stock exchange gained 12 centavos or 0.82% to P14.84 each yesterday, while shares in Megawide lost 30 centavos or 2.05% to P14.30 each. — Denise A. Valdez