MANILA, Philippines - Mass housing developer 8990 Holdings Inc. is introducing its mixed-use development concept in Tondo, Manila following the acquisition of an 84,731.95-square meter property in the Vitas area for P1.61 billion.
The listed property firm said it will put up 15,000 low-cost residential units and an integrated mall in the area.
“The Vitas area in Tondo, Manila is probably the densest area in the Philippines in terms of number of people, small business trade and commerce,†said 8990 Holdings president and CEO Jesus Atencio.
“It is our vision to transform this property into a mid-rise condominium community using our integrated mall concept that will cater to the affordable market of housing composed of working-class families, call center employees and small and medium-sized business entrepreneurs,†he added.
8990 Holdings will take over Tondo Holdings Corp. and Euson Realty and Development Corp., the firms that jointly own the Vitas property.
It is the second acquisition of 8990 Holdings bearing the integrated mall concept next to the 13-hectare property in Ortigas Avenue Extension in Pasig that was secured last month.
The integrated malls will become a major amenity offering shopping, institutional, service, recreational and educational establishments for residents and adjacent communities, the company said.
In the first quarter this year, earnings of 8990 Holdings jumped 30 percent to P933.6 million from P716.7 million a year ago. Sales climbed 22.3 percent to P1.92 billion from P1.57 billion in the same period last year.
The housing firm recently completed a P8.96-billion follow-on offering, jumpstarting its plans to pay debts and significantly expand landbank.
8990 Holdings is one country’s top mass housing developers, having sold more than 26,000 units from completed and ongoing projects. It operates through the Deca Homes brand for horizontal projects and Urban Homes brand for vertical projects.