By Jenniffer B. Austria | May. 27,
2014 at 12:01am [ manilastandardtoday.com ]
Mass housing developer 8990 Holdings
Inc. said Monday it is developing “integrated malls” within its horizontal and
vertical housing developments.
8990 Holdings said in a disclosure to
the stock exchange the company would build its first “integrated mall” in the
recently acquired 13-hectare mixed-use development in Ortigas Avenue Extension.
“We are very excited about this
innovation because the integration of a mall will be the new template for
8990’s vertical projects that will add significant value to our mass housing
condo units, and still be within the price points that cater to the mass
housing market,” said 8990 Holdings president Januario Jesus Atencio.
Unit 8990 Housing will implement the
“integrated mall” concept.
“We intend develop in our Ortigas
property a residential community of around 27,000 units for this project that
makes an integrated mall feasible not only for the homeowners but also for the
shops, businesses, services and institutions that will locate there. With this
endeavor, we hope to support small and medium-scale enterprises as well,”
Atencio said.
8990 Holdings in the first quarter of
the year increased its net income by 30 percent to P933.6 million from P716.7
million year-on-year.
First-quarter revenues rose 22.3
percent to P1.92 billion from P1.57 billion on year due to the launching of new
projects.
“From the first quarter performance,
it’s looking like another banner year for 8990. This growth trend has become
attainable for us due to our fast pre-cast construction technology,
strengthened by our pro-active comprehensive credit and collection platform,”
Atencio said.
The company recently raised P9 billion
through the follow-on listing of 862.19 million primary shares, 382.36 million
secondary shares, and an overallotment option of 134.95 million shares sold for
P6.50 apiece.
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