Mass housing developer 8990 Holdings Inc. expects to raise P2 billion in sales from a newly launched mid-rise condominium complex in Tisa, Cebu.
The Urban Deca Homes Tisa 2 will consist of 21 four-story buildings offering a total of 1,392 units and targeting the young, working professionals and parents, as well as college students from neighboring provinces who work or study in Cebu City.
Buyers have the option of choosing studio-type units with a floor area of about 26.8 square meters, selling for an average of P1.17 million per unit, or two-bedroom units of about 36.5 sq. m. with an average price of P1.58 million each.
8990 Holdings said it would spend around P800 million for the construction of the project slated for completion by 2021.
8990 Holdings president and chief executive Willie Uy said the strong take-up of its first mid-rise condominium complex prompted the company to launch the Urban Deca Homes Tisa 2.
“Urban Deca Homes Tisa 1 was well-received by the market due to its affordability combined with a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” Uy said.
Uy noted that Urban Deca Homes Tisa 2 was appealing to its target market because of its close proximity to the Tisa Public Market, Tisa High School, Our Lady of Lourdes Parish, Chong Hua Hospital, Cebu City Hall and Basilica Del Sto. Niño.
The company has been developing housing in high-growth areas across Visayas and Mindanao with 45 completed projects since 2003. There are currently six ongoing projects in Visayas and and two in Mindanao.
Meanwhile, Uy said the company planned to sell and build its biggest project next year, a condominium complex along Ortigas Avenue Extension.
The company will also be developing horizontal house-and-lot projects in Iloilo, Cebu and Davao.
The company has a land bank of about 554 hectares and plans to purchase more land to replace those already being developed.