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8990, Megawide to build condos in Tondo and Ortigas

Posted on December 01, 2014 10:16:00 PM [ BusinessWorld Online ]

MASS housing developer 8990 Holdings, Inc. said it is building together with Megawide Construction Corp. P53 billion worth of condominium projects in Ortigas, Pasig and Tondo, Manila over the next four years.

The two listed companies announced the partnership yesterday. The alliance covers two projects: a 13-hectare Urban Deca Homes along Ortigas Avenue Extension, and the 8.4-hectare Urban Deca Homes in Vitas, Tondo in Manila.

The Ortigas project will have 26 buildings and a total of 24,720 residential units.

The Tondo development will have 13 buildings and a total of 15,012 residential units.

“Negotiations for the Manila project are almost finalized between the two partners,” 8990 said in a statement.

Januario Jesus B. Atencio III, president and chief executive officer of 8990 Holdings, said the condominium townships will have shopping, dining, and recreational facilities. The Ortigas project would also house business process outsourcing offices.

Shares of 8990 Holdings shed eight centavos or 1.04% to close at P7.62 each on Monday, while Megawide shares were unchanged at P8.56 apiece. -- DJM     

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