MASS housing developer 8990 Holdings, Inc. is targeting to generate over P2 billion in sales from its newly-launched residential project in Cebu City.
In a statement on Friday, 8990 said it is setting aside P800 million over the next three years for the construction of Urban Deca Homes-Tisa 2 in Cebu City, duplicating one of its mid-rise developments following strong reception from the market.
Tisa 2 will comprise 21 four-story buildings, with each building having an average of 70 units or a total of 1,392 rooms for the entire project.
On offer are studio-type units with a floor area of about 26.8 square meters (sqm) that sell for an average of
P1.17 million, and two-bedroom units of about 36.5 sqm that sell for P1.58 million.
8990 said the new project will cater to young working professionals, parents, and college students from neighboring provinces who work or study in Cebu City. Construction of Tisa 2 started last November 15, 2017.
Apart from the view and affordability, Tisa 2 is also near the Tisa Public Market, Tisa High School, two churches, a hospital, and the Cebu City Hall.
“Urban Deca Homes Tisa 1 was well-received by the market due to its affordability combined with a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” said 8990 President and Chief Executive Officer Willie Uy.
The Tisa 1 project is already sold out. For Tisa 2, 8990 said it is expecting to generate P477 million from the sale of 408 studio-type units and P1.56 billion from the sale of 984 two-bedroom units.
Late last year, Uy said they are allotting P3 billion for capital expenditure this year for the development of more projects, both vertical and horizontal, in line with the company’s goal to help reduce the 5.7 million housing backlog in the Philippines.
Next year, the company will start construction of the Ortigas Avenue Extension condominium complex as well as more horizontal projects in Iloilo, Cebu, and Davao.
Uy added that while demand continues to be strong, 8990’s revenue growth still depends on how fast they can secure permits to sell.
He said the company will continue purchasing land, albeit less aggressively than before, as they just need to replace those that will be used for current construction projects.
Reference Link: The Manila Times