8990 gears for expansion abroad

MANILA, Philippines - Mass housing developer 8990 Holdings is gearing up for global expansion after strengthening its foothold in various parts of the country.

 8990 Holdings president and CEO Januario Jesus Atencio said the company is in exploratory talks with a potential partner for a possible joint venture project in Tanzania in East Africa.

 Atencio said the possible partnership is for a housing project that would involve the development by 8990 Holdings of 50,000 to 100,000 units.

 “We’re going to go global and go where nobody else would go,” Atencio said.

 At the same time, he said nothing is final yet but noted the company is in talks with a company from Singapore for the joint venture.

“We will meet in the first quarter of 2016,” he noted.

 He said 8990 Holdings would visit Tanzania to see the project site, which could also include a hotel.

“We’re open to this…to see how we can expand overseas. We have to do a lot of research but we are ready to do it,” Atencio said.

Likewise, 8990 has also attracted the interest of a Middle East-based company that is also interested in bringing the brand to its base in Dubai.

During the company’s stockholders’ meeting in July, Atencio said 8990 Holdings had set a revenue goal of between P9.6 billion and P10 billion for 2015 and a net income target range of P3.8 billion to P4 billion, with a minimum 40 percent net margin.

 The firm expects rosy prospects for the remainder of 2015 and in the coming years as the company launches more projects.

 8990 Holdings is behind Deca Homes. Its projects are located in Cebu, Iloilo, Cavite, Davao, Pampanga and along EDSA in Metro Manila where its first Urban Deca Tower will rise.

 The company recently launched Urban Deca Homes Manila, which is located in Vitas, Tondo.  The project consists of 13 mid rise residential buildings with a total of 13,212 condominium units and 2,226 parking slots.  It will also have a mall.

One building comprising 1,000 units will be constructed every three months until its target completion in 2019.