8990 Holdings to build 14-hectare residential dev't in Bulacan
MANILA, Philippines – Mass housing developer 8990 Holdings Incorporated plans to spend P1.8 billion to develop its 14-hectare property in Marilao, Bulacan into a residential development.
8990 Holdings told the Philippine Stock Exchange that the project will have townhouse units, which will be sold between P1.4 million and P1.5 million.
The development will also house medium-rise buildings, which will be sold at P1.2 million for studio units and P1.7 million for two-bedroom units.
"We are excited about the opening of 8990's newest branch in Marilao, Bulacan, one of the growing provinces in north of Metro Manila. We are very positive about the impact of this new project," 8990 Holdings president and CEO Januario Jesus Atencio said in the regulatory filing.
Under the plan, a total of 819 townhouse units will be developed, while there will be 28 medium-rise buildings offering a total of 3,788 units.
"The location of the project is ideal for potential homeowners working in Quezon City, Caloocan, and other northern parts of Metro Manila. Plus the prices are appealing to the growing millennial market of 8990. This gives our target market another option for owning a home," Atencio said.
Since launching the project late last month, the mass housing firm said it has received 116 letters of intent.
It was in July 2014 when 8990 Holdings acquired the 14-hectare property in Bulacan, owned by poultry producer Vitarich Corporation, for P610 million.
The purchase of the property allowed 8990 Holdings to expand its housing operations to Bulacan, in addition to its present locations in the provinces of Pampanga, Cavite, Iloilo, Cebu, and Davao.
8990 Holdings has set a target of 20% annual growth in sales over the next 5 years to enable it to double its revenues by 2020.
Aside from the Bulacan property, 8990 Holdings is also developing an 8.4-hectare property in Tondo, which will have 13 residential buildings plus a shopping mall.
8990 Holdings is also developing a 13-hectare property in Ortigas Extension into a mixed-use development with 26 buildings and 24,720 housing units.
It has also started to develop its 3.4-hectare land in Las Piñas, which it recently bought from SBS Philippines Corporation. – Rappler.com