8990 ground breaks EDSA-Mandaluyong City mass housing project

Housing projects in the Philippines. Photo courtesy of Asia Green Buildings.

MANILA — The President of publicly-listed 8990 Housing Development Corp. is confident that its half-way house-themed, mass-housing project will received a wide acceptance.

”These are not residential units but is like half-way house,” 8990 Holdings Inc. President and chief executive officer Jesus Atencio told reporters during the ground-breaking ceremony for the 42-storey, 1,148-unit condominium project to be put up in a 900-square meter property along Libertad, Mandaluyong City Friday.

Construction of the project will be undertaken by Megawide Construction Corporation and is expected to be finished by the third quarter of 2017.

Atencio said the units, which has a 13.05 sq.m.-size, will be semi-furnished to ensure that the spaces will be maximized and the would-be owners doesn’t have to worry about buying big-sized furniture.

He targets to offer these units for P875,0000 to P1.2 million and is positive that it will have a following among students and office workers who are living far from the metropolis.

Interested buyers will have to pay the two percent down payment within three years at a rate of about P2,000 a month.

After paying the downpayment, the owners can apply a housing loan either from PAG-IBIG or China Trust Banking Corp. (China Trust) at maximum loan term of 25 years.

”This is like budget conversion because instead of paying the rent for boarding houses that you’re not sure of the security this will enable people to secure our units that are accessible to offices and business establishments.

The units are good for two persons although Atencio said clients can buy several units to have options to combine these.

Atencio said they target to launch the project by Christmas this year since construction will be in full blast in the third quarter of the year.

”I think this will be well-accepted,” he said.