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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