8990 Announced PhP1B Project in General Santos

Makati—(PHStocks)—8990 Holdings Inc. (PSE: HOUSE) is set to raise PhP1.1 billion from a mass housing project in General Santos as part of the company’s efforts to expand its presence in Mindanao.

8990 Holdings president and chief executive officer Januario Jesus Atencio said, “We are happy about opening out new branch in General Santos City because it allows us to expand our reach to new areas and extend our housing products and services to more working class Filipinos.”

To be named Deca Homes GenSan Bayview, the first mass housing project of 8990 in this city covers an area of 18.82-hectare portion of a 67.53-hectare property complex.

The housing project would consist of 1,271 house and lots ranging from 80 square meters to 150 square meters as well as parks, playgrounds, and other community facilities.

The company also intends to construct socialized housing units with a size of 40 square meters.

8990 Holdings acquired the project from SAFI Land – GSC Development Corp. as part of its nationwide expansion program.

The company is also pursuing efforts to provide affordable houses to help the government address the massive backlog in housing units.

There are about 170,000 Pag-IBIG members in the province as of end-June last year. General Santos alone has 89,780 Pag-IBIG members followed by Koronadal and Cotobato with 37,373 members as well as the town of Pulomuloc with 32,016 members and Saraggani Province with 10,256 members.

Sales of 8990 Holdings jumped 45.8 percent to PhP6.33 billion from January to September last year compared to PhP4.37 billion in the same period in 2013 resulting to a 35 percent increase in the company’s net income to PhP2.83 billion from PhP2.1 billion.

8990 Holdings is looking at doubling its land bank to 500 hectares this year, and open new new branches in, Bulacan, Bacolod, and Zamboanga.

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