8990 Holdings, Megawide forge partnership in mass housing

Publicly-listed 8990 Holdings Inc. and Megawide Construction Corp. have joined forces for the long run developing the mass housing condominium projects, officials of both firms revealed Monday.

 

First in the pipepline are the P53-billion worth of integrated condominium townships in Pasig City and Manila, the officials noted.

 

"It's not a contractual agreement, but a partnership. There's this exclusivity for this market segment and type of development," 8890 Holdings president and CEO Januario Jesus Atencio told reporters in a briefing in Makati City.

 

Under the agreement, he said Megawide will have the right to first refusal over the high rise projects of 8990 Holdings.

 

"They also commit that for this market segment, they will be exclusive to 8990 Holdings," Atencio said.

 

Starting next year, 8990 Holdings and Megawide will build 39 condominium buildings in properties along Ortigas Avenue Extension and in Tondo, Manila over a four-year period.

 

Earlier this year, 8990 Holdings acquired the 13-hectare Urban Deca Homes along Ortigas Avenue Extension in Pasig City for P2.2 billion and the 8.4 hectare Urban Deca Homes in Vitas Tondo for P1.61 billion.

 

The mass housing developer intends to infuse P13.25 billion for 26 mid-rise towers in Pasig City and P6.83 billion for 13 buildings in Manila.

 

Atencio noted the partnership will be for long-term. "This will be going beyond these two projects. That's the whole idea."

 

For Megawide, this is its first project in the mass housing segment of this scale, chairman and CEO Michael Cosiquien said in the same briefing.

 

"We're building for a lot of high-end projects. Now we're also building and working together with 8990. The market is not for the high-end but for the masses," he noted.

 

"We build affordable housing with National Housing Authority. But for this scale, this is our first project," he said. – VS, GMA News