By Richmond S. Mercurio (The Philippine Star) | Updated April 13, 2015 - 12:00am
MANILA, Philippines - Mass housing developer 8990 Holdings Inc. has acquired a new property in Cubao for nearly P400 million which it intends to develop into an affordable high-rise condominium.
8990 Holdings said over the weekend it purchased for P366 million a 4,200-square meter prime property along EDSA across the Farmers Market inside the Araneta Center complex in Cubao, Quezon City.
The listed property developer said the project slated to be launched next year would adopt the halfway house concept addressing the needs of workers in Metro Manila for a clean, safe, and flood-free place to stay during weekdays.
“The low-priced condo units would provide shelter for those working in the metropolis allowing them to avoid the horrendous traffic jams when going to work,” 8990 Holdings said.
The firms said the high-rise condominium project would comprise of 4,500 units priced at P1 million each.
8990 Holdings said the property is conveniently situated near commercial areas such as the Farmers Market, the Gateway Mall, the Farmers Plaza, SM Cubao, Puregold Mall, and Cubao Ali Mall, among others.
“The property is also situated near the Cubao station of the Metro Rail Transit line 3 (MRT-3) along EDSA and the Araneta Center – Cubao station of the Light Rail Transit line 2 (LRT-2). Both systems are interconnected with the LRT-1 that runs from Baclaran in Pasay City all the way to Roosevelt in Quezon City,” it added.
The project is 8990’s second major development in EDSA after the 42-story Urban Deca Towers located in Mandaluyong City near EDSA and Shaw Boulevard. Urban Deca will be competed in the third quarter of 2017.
Consistent with its core business of offering low-priced housing units to Filipino families, 8990 Holdings introduced the first condominium project in Metro Manila priced under P1 million.
The company is targeting a 15-percent to 21-percent increase in earnings to a range of P3.8 billion to P4 billion this year following a 52-percent jump in net profit to P3.3 billion last year.
8990 Holdings also sees revenues surging between 22 percent and 27 percent to a range of P9.6 billion to P10 billion this year.