The mass housing developer, 8990 Holdings, is set to move into the shopping center development sector.
This follows the P9bn follow-on which led to investors, such as TPG Global and Khazanah Nasional Berhad entering the sphere. The group will commence mall construction that will integrate into its medium and high-rise residential units.
The ‘integrated mall’ concept will be controlled by the company’s main subsidiary, 8990 Housing Development Corp. under its brand name ‘Urban DECA Homes.’
The first of its projects will be the property on Ortigas Ave. Extension. It was bought during February for P2.2bn. The integrated mall will be the main feature of the 13ha development which includes low-cost, mid-rise, mixed use condos.
This will offer ideal facilities for the growing working class who are seeking affordable, decent housing close to their places of work, and other amenities.
The group President, Januario Jesus Atencio showed excitement at the project and noted that the integration would be a new template for the group’s vertical projects which will add massive value to their mass housing condominium units. The innovations will not shift the price which caters for the masses.
28 MAY 2014, Malaysia