MASS HOUSING developer 8990 Holdings, Inc. looks to generate P4 billion in sales from its Tondo project this year, noting the uptick in demand as the development nears completion.
In a statement issued Tuesday, the listed real estate company said Urban Deca Homes Manila will see four towers completed by the end of 2018, with another four to be finished during the first half of 2019.
“Once our buyers saw that buildings are already nearing completion, we noticed a significant jump in our sales. We are certain we will see this trend continue as we roll out more units to meet the strong demand for housing in the Tondo area,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said.
8990 Holdings is slated to deliver 3,200 units from Urban Deca Homes Manila within the year. Of this, sales reservations are already nearing 2,000 units, the company noted.
Urban Deca Homes Manila is a 13-tower residential complex sitting on an 8.4-hectare property in Tondo, Manila, offering more than 13,212 units with an estimated sales value of P20 billion. The company is spending P8 billion until 2020 for the project’s development.
Units are priced from P1.32 million to P1.45 million for 23-square meter (sq.m.) studio units, and up to P1.7 million for two-bedroom units with a size of 32 sq.m. each.
Amortization rates can go for as low as P9,000 to P11,000 every month, the company earlier said.
Within the residential complex will stand the two-storey Deca Mall Tondo spanning 13,000 to 14,000 sq.m. in gross leasable spaces. It is set to be operational by 2018. The P452-million mall will have a food court and 95 tenant stores, as well as 130 slots for small and medium enterprises at the tiangge at the second floor.
The mall will provide for the amenities needed by residents in the residential complex.
“[This] will create a new residential and commercial lifestyle in an iconic area of the metropolis that has been a landmark for many generations,” the company said.
This year, the company will be launching a project similar to Urban Deca Homes Manila, called the Ortigas Extension project. The P35-billion development will consist of 22 buildings with 13 to 15 floors each, offering a total of 18,993 units. There will also be a shopping mall in the middle of the condominium complex.
8990 Holdings booked P1 billion in earnings for the first quarter of 2018, following a 57% jump in revenues to P2.5 billion.
The company targets to net around P4.3 billion this year, alongside projected revenues of P11.5 billion.
Shares in 8990 Holdings went down by 2.18% or 16 centavos to close at P7.18 each at the stock exchange on Monday.
Reference Link: Business World