By Leslie D. Venzon
MANILA, June 4 (PNA) — Listed mass housing developer 8990 Holdings Inc. is spending Php850 million to fund the construction of its first medium-rise condominium complex near the central business district in Alabang in the next two years.
It has launched the project and is set to fully turn over to homeowners the first of 12 medium rise four-storey buildings for a total of 1,024 units for the Urban Deca Homes Campville project in Muntinlupa City by August this year.
8990 president and chief executive officer Januario Jesus Atencio said the project hoped to attract potential home buyers and cater to the growing needs of workers, especially of business process outsourcing (BPO) sector in the area.
Each unit is priced at Php1.27 million for the ground floor and Php 1.37 million for the fourth floor.
The home financing package can either be through Pag-IBIG Fund or through 8990’s innovative in-house finance program.
While the project is expected to be completed in just 24 months, the project intends to deliver 488 units worth Php414 million this year.
Urban Deca Homes Campville is one of the nine projects being launched by 8990 this year to beef up its inventory of housing units.
These projects situated in Muntinlupa, Cavite, Cebu, Iloilo and Davao would deliver 4,486 housing units with a value of Php4 billion this year.
Together with the 10 ongoing projects, the 19 projects of 8990 would provide a total of 11,083 housing units worth between Php450,000 and Php1.25 million per unit for a total gross value of Php10 billion this year.
8990 sees profit growing 15 percent to 21 percent, reaching Php 3.8 billion to Php 4 billion. It recorded a net income of close to Php 1 billion in the first quarter. (PNA)