8890 Holdings and Megawide Forms Partnership for Condo Township Projects

Two publicly-listed companies have joined forces to develop integrated condominium townships
in Metro Manila. In a joint press conference, CEOs of both 8990 Holdings Inc. and Megawide
Construction Corp. were present to affirm the partnership for Megawide to build a total of 39
condominium buildings for 8990 in their properties located at Ortigas Avenue Extension and
Tondo, Manila.
8990 Holdings president and chief executive officer Januario Jesus Atencio said: "We value
partnerships, and are excited about our collaboration with Megawide. As a company that values
quality, we have partnered with Megawide - the best company that provides the highest quality of
pre-cast construction - to insure that our housing products for high-rise condominiums will be built
by a company that similarly values quality above all else."
Michael Cosiquien, CEO of Megawide, said: "We are happy to work with 8990. 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 having a combined gross area of 22 hectares, covering
39,732 units: the 13-hectare Urban Deca Homes along Ortigas Avenue Extension township that
will have 26 buildings, a total of 24,720 residential units, and an 8.4-hectare Urban Deca Homes
in Vitas Tondo that will have 13 buildings and a total of 15,012 residential units. Both projects will
have parks and playgrounds, basketball courts, and the major amenity of a full-service malls that
will have shopping, dining, recreational and institutional establishments that will cater primarily to
the residents, estimated to reach 120,000 once both projects are completed. Negotiations for the
Manila project are almost finalized between the two partners.
These two projects have 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. 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.
Atencio explained that, "Our condominium townships are based on what we refer to as "Integrated
Spaces Living Approach." We created the ISLA concept to emphasize the development of selfcontained and self-sustaining "island" communities where our residents would have convenient
access to the basic necessities of living in high density environments without leaving the complex,
while at the same time, providing the commercial and service outlets the captured market by
which their businesses could grow and prosper." Atencio added that the Ortigas project would
have BPO offices that would provide a working environment inside their place of residence.
Atencio emphazied that, "with our partnership with Megawide, were are confident that our
condominium township projects will bring out four values: "Quality, Modern, Urban, Family" which is precisely the market that we intend to serve."