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8990 obtains 13-hectare Bulacan property from Vitarich

Posted on July 06, 2014 09:27:01 PM [ BusinessWorld Online ]

LOW-COST mass housing developer 8990 Holdings, Inc. said it has acquired a 13-hectare property in Marilao, Bulacan for P610 million.

In a statement, the company said the project would add an estimated 1,885 units of townhouses or 1,105 units of single-detached houses to its inventory, depending on the final scheme that is implemented.

The property was previously owned by listed animal feeds producer Vitarich Corp., and will allow 8990 to expand its housing operations to Bulacan, in addition to its current housing projects in the provinces of Pampanga, Cavite, Iloilo, Cebu and Davao.

“8990 is happy to have acquired this property because of its excellent location for mass housing, enabling us to increase our coverage in a new province and be able to tap the growing demand for affordable homes north of Metro Manila,” 8990 President and Chief Executive Officer Januario Jesus Gregorio III B. Atencio said in the statement.

Since 8990’s follow-on offering on May 14, it has purchased more properties for mass housing projects, namely: 30 hectares in Pavia, Iloilo; 25 hectares in Davao City; eight hectares in Vitas, Tondo; 31 hectares in San Mateo, Rizal; and 17 hectares in Batasan, Quezon City -- bringing 8990’s total land bank to 361 hectares.

8990’s first-quarter net income grew 30.26% year on year to P933.6 million, while gross revenue rose 24% to P2.15 billion.

Costs and expenses increased 21.6% to P1.18 billion.

8890 shares gained 35 centavos or 4.50% to end at P8.12 in Friday trading. -- Daphne J. Magturo           

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