MANILA – Mass housing developer 8990 Holdings Inc. is set to begin construction for its condominium tower along EDSA, its first high-rise project.
The firm said groundbreaking rites for the 42-storey tower near Shaw Boulevard will be held on Friday.
The P735 million project, called Urban DECA Tower-EDSA, will be developed by 8990's subsidiary, Foghorn Inc. and constructed by Megawide Inc.
8990 president and chief executive Januario Jesus Atencio said the low-cost condominium building adopts a “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."
He said the project aims to provide a housing solution for Metro Manila employees who commute to and from Laguna, Cavite, Bulacan and nearby provinces to get to work daily.
The high-rise tower consists of 1,148 residential units measuring 13.06 square meters, 156 basement parking slots, a convenience store, laundry service, a food hall, lounge area as well as commercial spaces, and will be equipped with security cameras and four elevators.
Units are furnished with bathroom, aircon, telephone, internet/TV cable, microwave oven, basic cabinets, mattress, curtains, and a small dining table.
“We are studying a price-point that will be within the range of mass housing price that should not exceed P1.25 million per unit, and an affordable financing plan that would have a low-down payment of P2,000 per month for two years,” said Atencio.
The target date of completion is on 2017.