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MANILA, Philippines – Davao-based mass housing developer 8990 Holdings Incorporated is raising P1.1 billion ($24.66 million) to finance its latest expansion project in Mindanao that will target thousands of Pag-IBIG Fund members.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, January 20, 8990 Holdings said the fund raising is meant for its Deca Homes GenSan Bayview project in General Santos City.
The project involves the construction and development of 1,271 houses and lots between 80 square meters and 150 square meters, said Januario Jesus Atencio, 8990 Holdings president.
It sits on a 67.53-hectare property acquired from SAFI Land-GSC Development Corporation. It will be mounted with parks, playgrounds, among others.
“We are happy about opening out new branch in General Santos because it allows us to expand our reach to new areas and extend our housing products and services to more working class Filipinos,” said Atencio in the disclosure.
Atencio said it is banking on the significant number of Pag-IBIG Fund members surrounding the property, with 89,780 members in General Santos alone, and 37,373 in Koranadal and Cotabato.
The socialized packages though will be built in a different dimension at 40 square meters, said Atencio.
Current listed shares of the developer reached 5.52 million at P7.65 ($0.17) a piece, with net earnings in the first 9 months of 2014 at P2.83 billion ($63.43 million) from P2.1 billion ($47.07 million).
8990 Holdings’s majority shares is controlled by Januarius Resources Realty Corporation (Januarius) and Kwantlen Development Incorporated at 61.4%.
The company is named as one of the top 10 developers in the Philippines, according to a Pag-IBIG ranking. – Rappler.com
*$1=P44.62
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