8890 Holdings, Megawide partner to build condo township projects

By Leslie D. Venzon

MANILA, Dec. 1 (PNA) — Two publicly-listed companies have formed a partnership to develop integrated condominium townships in Metro Manila.

Megawide Construction Corp. will build a total of 39 condominium buildings for 8990 Holdings Inc. in their properties located at 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 ensure that our housing products for high-rise condominiums will be built by a company that similarly values quality above all else,” said 8990 Holdings president and chief executive officer Januario Jesus Atencio.

Michael Cosiquien, chief executive officer of Megawide, said: “We share their vision of providing quality homes to all Filipinos. We view this partnership as very meaningful -quality, affordability and accessibility at its best in 8990’s condo projects.”

The partnership will start with two projects covering 39,732 units with an estimated gross value of about P53 billion over the next four years, which more than doubles the P24 billion investment in land and building construction.

These are the 13-hectare Urban Deca Homes along Ortigas Avenue Extension township project that will have 26 buildings comprising 24,720 residential units, and an 8.4-hectare Urban Deca Homes in Vitas Tondo that will have 13 buildings with 15,012 residential units.

Negotiations for the Manila project are almost finalized between the two partners.

Just this year, 8990 Holdings acquired the 13-hectare property for P2.2 billion and is infusing P13.25 billion for the project.

It also bought the 8.4-hectare property in Tondo for P1.61 billion and is spending P6.83 billion for construction. (PNA)