Mass housing developer 8990 Holdings Inc. expects to raise up to P10.4 billion from the launching of a new residential complex in Cubao, Quezon City in the second half of the year.
The 45-story Urban Deca Tower Cubao project will offer 4,961 studio units with each unit priced at an average of P1.9 million. The project is located along EDSA southbound corner Mayor Ignacio Santos Diaz St. and just a few steps away from MRT 3 Cubao station.
The company expects the project to attract end-users who plans to buy their first home. It will also host 2,859 square meters of commercial spaces.
8990 Holdings broke ground for Urban Deca Tower Cubao in February last year but the launching was moved to 2021 because of the pandemic.
The company remains optimistic this year after posting strong first-quarter financial results.
It said net income in the first three months rose 17 percent to P1.6 billion from P1.3 billion in the same period last year. This was achieved on the back of a 29-percent growth in revenues to P4.48 billion from P3.47 billion a year ago.
8990 Holdings also recorded a 3-percent increase in the number of units sold in the first quarter, an indication of continued demand for affordable housing projects despite the lingering impact of the pandemic.
“This is definitely a positive sign that many Filipino families are still looking at a better future and this inspires us to continue building communities that offer quality living at highly affordable prices. The same holds true for our new Urban Deca Tower Cubao project,” 8990 Holdings chairman Mariano Martinez Jr. said.
8990 Holdings delivered 2,634 new homes in the first quarter, even as housing production fell 50 percent amid the the community restrictions imposed to contain the spread of COVID-19.
Luzon had the biggest revenue contribution in the first three months at P2.6 billion, followed by the Visayas at P958.5 million and Mindanao at P878.3 million.
