8990 Holdings completes 2 buildings in Tondo
8990 HOLDINGS, Inc. is set to complete two buildings in its P8-billion residential project in Tondo, Manila, which the mass housing developer said would attract more buyers.
In a statement issued Thursday, 8990 Holdings said two out of the 13 buildings for Urban Deca Homes Manila project will be completed by the end of 2017, with another six buildings now under construction.
“We’ve proven that the moment buildings are already put up, sales performance increases as well. Once our buyers saw that the buildings are already nearing completion, we noticed a steady increase in our sales. This will definitely keep our brokers very busy this Christmas season,” 8990 Chief Operating Officer Willibaldo J. Uy was quoted as saying in a statement.
All buildings are expected to be completed by 2020. The company then expects to book P21 billion from the sale of the project’s 13,000 units.
Adjacent to Urban Deca Homes Manila is 8990 Holdings’ first foray into mall development, Deca Mall Tondo. The P452-million community shopping mall will have two floors featuring retail and food tenants.
Deca Malls Tondo will be operational by 2018, by which time units in the first three towers of the residential project will also be turned over to their owners.
“Tondo has such a tightly knit community and the people who grew up there prefer to stay there. It is also attractive to entrepreneurs and employees who have businesses and work in the surrounding areas such as Caloocan-Malabon- Navotas- Valenzuela region and surrounding areas of Manila including Divisoria, Sta. Cruz and Ermita,” Mr. Uy said.
With its development in Tondo, 8990 remains bullish on Metro Manila’s affordable housing industry. The company will be replicating Urban Deca Homes Manila in Ortigas, which will feature 24 residential buildings with a total of 18,993 units, as well as a shopping mall.
8990 saw its attributable profit fall 22% to P2.47 billion in the first nine months of 2017, from the P3.2 billion it booked in the same period a year ago as it experienced a slowdown is securing permits for projects. Still, the company expects to book P4 billion in earnings by year-end.
Shares in 8990 added 12 centavos or 1.88% to close at P6.50 apiece at the stock exchange on Thursday. —