Construction has started on Urban Deca Homes Ortigas, a complex consisting of 22 buildings on a 13-hectare property along Ortigas Avenue Extension in Pasig City. It is expected to be completed in 2023
Listed real estate firm 8990 Holdings launched its largest home development project in Metro Manila on Wednesday, June 27, with over 19,000 units expected to be turned over to buyers after completion in five years.
In a disclosure to the Philippine Stock Exchange (PSE), 8990 Holdings said the company has started construction of Urban Deca Homes Ortigas, a complex consisting of 22 buildings on a 13-hectare property along Ortigas Avenue Extension in Pasig City. The Php30-billion project is targeted to be completed in 2023.
“What is unique about Urban Deca Homes Ortigas is that we will be providing larger units, more open spaces and wider roads at this prime location. For our buyers, this will truly offer greater value for money,” 8990 Holdings President and CEO Willibaldo Uy said in the disclosure.
The property will feature one and two-bedroom units that range from 27 square meters (sqm) to below 40 sqm in size, according to a report in BusinessWorld newspaper on June 28. The report quoted Uy as saying the units will retail for at least Php1.6 million and that the monthly amortization can drop for as low as Php6,000 to Php7,000 if a housing loan was availed to buy the property.
On average, the price per square meter of the condos stands at only about Php60,000, said Uy, according to BusinessWorld. That is considerably lower than the average condo price of a unit in the Ortigas Central Business District (CBD) which can fetch for as much as Php128,400 per sqm, according to a study conducted by property analyst Colliers International.
To be sure, Urban Deca Homes Ortigas is located outside of the CBD as it sits between Manggahan and Sta. Lucia in Pasig City, just a few kilometers away from Cainta, Rizal.
Still, 8900 Holdings is expecting the project to attract buyers who currently rent, live or work in areas near the Ortigas CBD such as Libis in Quezon City, Antipolo City and Taytay in Rizal.
Urban Deca Homes Ortigas will be the fourth project of 8990 Holdings in Metro Manila. The 42-storey Urban Deca Tower EDSA in Mandaluyong City sold out even before completion as it only featured 21-sqm studio units that retailed for Php1.3 million each.
Its other projects in Metro Manila include Urban Deca Homes Campville in Muntinlupa City, which will feature 1,024 units and Urban Deca Homes Manila in Tondo, which will have 13,000 units.
As of 2017, 8990 Holdings has completed 52 mass housing projects. It is expecting Php4 billion worth of sales by the end of the year.
Elyssa Christine Lopez is a staff writer of Entrepreneur PH. Follow her on Twitter @elyssalopz