LEADING mass developer 8990 Holdings Inc., has huge plans for Cebu’s booming housing sector.
It is currently finalizing the development plan of its biggest housing project in Cebu that will have about 6,000 house units to be built in Mactan Island, a top official of the company said on Thursday.
8990 Holdings chairman emeritus Luis Yu Jr. said the company will earmark an estimated investment of P3 billion to P4 billion for the planned mixed-use housing project that will run for three to four years.
“This would be the biggest project so far in Cebu. It would be mixed-use development with townhouses and walkup condominium units,” said Yu.
Yu was named Entrepreneur of the Year by Cebu Chamber of Commerce and Industry.
8990 Holdings is the developer of the mass housing brand Deca Homes.
Instead of building houses in Cebu’s countryside, Yu said the company’s thrust is to pursue expansion in areas within the city that are accessible to work, school, commercial areas and public transportation.
He said that if there is one factor that sets them apart from other developers, it is their serious commitment to understanding the market.
“It is like we live like them already,” said Yu, adding that this strategy has worked well, as they were able to address issues that concern buyers when deciding to buy houses.
“We are the only real estate player that would never go middle to high-end projects,” Yu said.
He noted that they understood the struggles their market endures from traveling from their homes in the countryside to reach their work in the city, the time wasted due to traffic congestion, and the struggle of balancing their work and family responsibilities.
Yu said this is the reason they want their projects to be located in the city by building walkup condominiums located in dense areas.
8990 Holdings has already finished nine projects in Cebu, which are a combination of townhouses and walkup condominium units.
Deca Homes is already present in cities in Cebu, Iloilo, Bacolod, Davao and General Santos.
By KATLENE O. CACHO | Sun Star Cebu | July 1, 2016