MANILA, Philippines — 8990 Holdings Inc has launched a P2 billion mid-rise condominium development in Cebu City to take advantage of the strong economic growth in Central Visayas.
The company sees Visayas and Mindanao as high growth areas, with 45 completed projects since 2003.
The company is pouring in around P800 million until 2021 for the development of Urban Deca Homes Tisa 2, which follows the success of Tisa 1.
It has six ongoing projects in Visayas, and two in Mindanao.
8990 Holdings president and CEO Willie Uy said Urban Deca Homes Tisa 1 was well-received by the market due to its affordability and location.
“The development provides a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” Uy said.
Since demand continues to be strong, Uy said the company has 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.
Urban Deca Homes Tisa 2 will have 21 four-storey buildings, with each building having an average of 70 units or a total of 1,392 units.
Studio-type units with a floor area of about 26.8 square meters, will sell for an average of P1.17 million per unit while two-bedroom units of about 36.5 sqm will sell for 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.
For this year, 8990 is allotting P3 billion for capital expenditures, mainly for the development of more mass housing projects.
Other projects include the one on Ortigas Avenue Extension, Iloilo, Cebu and Davao.
Reference Link: PhilStar