MANILA, Philippines - Megawide Construction and 8990 Holdings are teaming up to develop condominium townships in Metro Manila.
Under the partnership, Megawide will build 39 condominiums for 8990 for their projects in Ortigas Avenue Extension and Tondo, Manila.
"As a company that values quality, we have partnered with Megawide - the best company that provides the highest quality of pre-cast construction - to insure that our housing products for high-rise condominiums will be built by a company that similarly values quality above all else," 8990 Holdings president and chief executive officer Januario Jesus Atencio said.
Megawide CEO Michael Cosiquien welcomed the partnership, saying the construction company shares 8990's vision of providing quality homes.
The 8990-Megawide partnership will start with the 13-hectare Urban Deca Homes township along Ortigas Avenue Extension. The project will have 26 buildings with a total of 24,720 residential units.
Atencio said the Ortigas project will also have BPO offices.
The two companies are currently finalizing negotiations for the second project, the 8.4-hectare Urban Deca Homes in Vitas Tondo. This project will have 13 buildings and a total of 15,012 residential units.
Both projects will also have parks, playground, basketball courts and shopping malls.
8990 estimates the two projects havea gross value of about P53 billion over the next four years, which would double the company's P24 billion investment in the land and construction.