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8990 Holdings bares first integrated mall

By Jenniffer B. Austria | May. 27, 2014 at 12:01am [ ]

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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