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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