LOW-COST housing developer 8990 Holdings Inc. said it purchased a lot in Cubao, Quezon City, and plans to put up a condominium in one of Metro Manila’s busiest areas.
The company said it acquired a 4,200-square-meter property across the Farmer’s Market in Araneta Center in Cubao for P366 million.
It said the company plans to put up an Urban Deca Tower in the area, which would be its second along Edsa.
The project will be launched in 2016.
The company would adopt what it called a halfway-house concept, or offering a unit for as small as 13 sq m to address the need of workers in Metro Manila to have a place to stay during weekdays.
“The low-priced condo units would provide shelter for those working in the metropolis, allowing them to avoid the horrendous traffic jams when going to work,” the company said.
The high-rise condominium project would comprise of 4,500 units priced at about P1 million each. The property is also situated near the Cubao station of the Metro Rail Transit Line 3 or MRT 3 along Edsa and the Araneta Center-Cubao station of the Light Rail Transit line 2 or LRT 2.
Its first project along Edsa was the 42-story Urban Deca Towers near Shaw Boulevard. It is expected to be competed in the third quarter of 2017.
The tower would consist of 1,148 residential units, 156 basement parking slots, a convenience store, a laundromat, a food hall, lounge area as well as commercial spaces.
The company has tapped Megawide Inc. as contractor for the high-rise condominium project. Price starts at P875,000 per unit and buyers with cars could avail themselves of parking slots at P500,000.
The average size of unit is 13.06 square meters, furnished with aircon, microwave oven, basic cabinets, mattress, curtains and a small dining table.