Mass housing developer 8990 Holdings buys Tondo lot for P1.6B
June 25, 2014
Mass housing developer 8990 Holdings has acquired 8.4 hectares of land in Tondo, Manila for P1.61 billion to improve and expand its present landbank for low-cost housing under the medium rise building-integrated mall concept.
In a disclosure to the Philippine Stock Exchange, 8990 Holdings said its subsidiary 8990 Housing Development Corporation (8990 HDC) will acquire land measuring 84,731.95 square meters at Vitas, Tondo, Manila.
This will be through the purchase of two companies that are the registered owners of the property: Tondo Holdings Corporation and Euson Realty and Development Corporation.
The Share Purchase Agreements and the Deeds of Sale of Shares transferring ownership of these two companies and the Vitas property was signed yesterday.
“The Vitas area in Tondo, Manila is probably the densest area in the Philippines in terms of number of people, small business trade and commerce,” said 8990 president Januario Jesus Atencio.
He added that “it is our vision to transform this property into a Mid-Rise condominium community using our ‘integrated mall’ concept that will cater to the affordable market of housing composed of working-class families, call center employees and small and medium sized business entrepreneurs.”
This would be the second acquisition of 8990 bearing its integrated mall concept, the first being the recently purchased 13-hectare property in Ortigas Avenue Extension, Pasig.
Estimated to provide some 15,000 low-cost residential units, the Vitas property will have an integrated mall as the major amenity that will cater not only to the residents of the MRB condo complex but also to nearby communities around the area.
The project shall be undertaken under the group’s brand name “Urban DECA Homes.”