DEVELOPER 8990 Holdings, Inc. last week launched Urban Deca homes (UDH) Hernan Cortes, the fourth project to be launched this year and the third medium rise building (MRB) of 8990 in Cebu.
Total reservations made during the launch were 65 units, a big jump from the eight units reserved during the launch of UDH Tipolo in 2012 and the eight units reserved in UDH Tisa last 2014.
“We are pleased with the turnout of reservations in the launching of UDH H. Cortes. This is an indication of a huge unmet demand in affordable housing that 8990 Deca Homes is able to serve,” HOUSE CEO JJ Atencio said in a disclosure to the Philippine Stock Exchange (PSE).
The company will be spending P573 million for the construction of 17 four-story residential buildings.
UDH H. Cortes will produce a total of 1,596 housing units in the 3.2-hectare lot located at the back of Cebu Country Club Golf Course in Barangay Kasambagan in Cebu City.
A studio-type unit would have a footprint of 26.8 square meters.
Two-bedroom units would also be offered with a size of 36.5 square meters.
A unit is sold for P1.15 million to P1.47 million.
Earnings of 8990 Holdings grew by 10 percent to P1.03 billion from January to March this year compared to P937 million in the same period last year.
For 2016, the mass housing developer sees its net income growing by 20 percent to P4.8 billion on the back of a 24-percent increase in revenues to P12 billion.