Wednesday, June 25, 2014
8990 Holdings have announced plans for 18 projects adding up to over 64 000 housing units. These projects are scheduled to be completed over the next five years.
This is according to 8990 Holdings’ president and CEO, January Jesus Atencio, who says seven of these projects will start in 2014, nine in 2015 and the final two in 2018 and 2019. He says the sales value is expected to reach upwards of P66 billion.
Five of these projects will be located in Davao, five in the National Capital Region (NCR), three in Cebu, two in Cavite, two in Iloilo and one in Rizal.
“We feel the 250 hectares of landbank we have today will give us a window of three to four years. We want another 250 hectares so we can extend it to eight years.”
The company plans to raise the funds for the acquisition by selling 1.379 billion shares through a follow-on offering, which includes the 134.95 million overallotment shares to cater to strong demand.
Part of 8990 Holdings' plans include expanding into new areas like Bulacan, as well as into medium and high-rise developments within Metro Manila.
8990 Holdings has sold over 26 000 units from completed and ongoing projects, operating through the brands Deca Homes and Urban Homes. This success makes them one of the country's top mass housing developers, and it shows - their profits climbed 28 percent from 2012 to 2013 and revenue skyrocketed by 40 percent.
Additionally, wishing to explore other housing financing methods, 8990 Holdings has hired SB Capital Investment Corp to underwrite the P1 billion securitization of the company's receivables.
Since starting in 2003, 8990 Holdings has completed 11 projects through Luzon, Visayas and Mindanao, and are still currently developing 15 more projects throughout Cebu, Iloilo, Davao and Pampanga.