12:15 am | Saturday, July 5th, 2014
Mass housing developer 8990 Holdings Inc. is investing P735 million to build in Mandaluyong City its first low-cost, high-rise residential project promoting the “micro-living” concept, offering small units worth no more than P1.25 million each.
8990 broke ground Friday for the 42-storey residential tower to be called “Urban Deca Tower-Edsa” near Shaw Boulevard. The high-rise tower brings to the property market an inventory of 1,148 residential units measuring 13.06 square meters each.
“Our first Urban Deca Tower along Edsa presents an innovative alternative for workers in Metro Manila where we are adopting the ‘half-way’ house concept that effectively addresses the practical need of workers in Metro Manila to have a decent, clean, safe, secure and flood-free place to stay during weekdays that is near their place of work,” said 8990 president and chief executive Januario Jesus Atencio.
Many Metro Manila workers today actually live in homes as far as Laguna, Cavite and Bulacan and having their own condominium units would provide a viable housing alternative to long commutes, traffic jams and renting dormitories and bedspace, Atencio said.
To make this project more affordable, 8990 was studying a price-point not exceeding P1.25 million per unit and an affordable financing plan that would have a low down payment of P2,000 a month for two years, he said.
8990 has tapped Megawide Construction to construct the high-rise building, which will take about 36 months to finish. 8990’s subsidiary Foghorn Inc. is the developer of the “low-cost, value-for-money” condominium.
The tower offers 156 basement parking slots, a convenience store, a laundry, a food hall, lounge area as well as commercial spaces and will be equipped with a 24-hour CCTV, security and four high-speed elevators. Doris C. Dumlao
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