8990 Holdings acquires 100 has in Davao

DAVAO CITY – Mass housing developer 8990 Holdings has acquired a new property here which would become the company’s fifth development in the country’s largest city.

The company has acquired a 100-hectare estate at the Southern part of Davao for an undisclosed amount.

Company president and chief executive officeR Januario Atencio said they had been working to purchase the land owned by a local family for several years now.

“We just signed a new property. This will be our fifth development here,” he said.

Atencio said 8990 Holdings would spend about P4.3 billion for the new housing project to be developed over a five-year period beginning 2017.

The company intends to construct about 6,500 housing units in the property.

8990 Holdings is confident Davao’s property market will continue to boom in the coming years.

Aside from Davao, the country’s largest mass housing developer is also looking at expanding its footprint in other parts of the country.

Atencio said the company is eyeing to wrap up within the year the acquisition of new properties in Zamboanga and Bacolod as well.

He said the firm’s bullishness in the local housing sector remains strong as the country’s economy continues to grow and its housing backlog expands.

The company plans to build a total of 11,083 housing units this year, of which 44 percent would be in Luzon, 31 percent in the Visayas, and 25 percent in Mindanao.

It successfully raised P9 billion from its recent maiden bond offering, proceeds of which would be used to refinance existing debt.

The bonds would be due in 2020, 2022 and 2025.