Listed mass housing developer 8990 Holdings Inc. has acquired a 4,200 square-meter lot within the Araneta Center complex in Cubao, Quezon City for P366 million.
8990 Holdings said in a statement it planned to transform the property into an affordable high-rise condominium offering a total of 4,500 condominium units at P1 million each.
The project, which will be launched in 2016, will be similar to Urban Deca Tower project in Mandaluyong City, the company’s first high-rise development to adopt the concept of a affordable halfway house concept for Metro Manila workers.
The low-priced condo units will provide shelter for those working in the metropolis and allow them to avoid traffic jams when going to work.
The project is located across Farmers Market in Cubao.