Posted on January 20, 2015 10:25:00 PM [ BusinessWorld Online ]
8990 HOLDINGS, Inc. yesterday said it is looking at P1.1 billion in potential sales from its second project in Mindanao: a 19-hectare mass housing in General Santos City.
It is spending P400 million to build Deca Homes GenSan Bayview, which will have 1,271 house and lot units with sizes of 80 to 150 square meters each.
The homes carry a price tag of P450,000 to P750,000 each.
“We think the market is big enough to accommodate the initial 20 hectares,” 8990 President and Chief Executive Officer Januario Jesus B. Atencio III said in a press briefing at the Makati Shangri-La Hotel.
Construction will start within the first quarter, and around 500 units are expected to be turned over to the buyers within this year.
“We are really targeting the local market. I only expect 20% of sales to come from OFWs (overseas Filipino workers), and the rest, from the working, middle class gainfully employed in the city,” he said.
Deca Homes GenSan Bayview is the company’s sixth project in the country under the Deca Homes brand, and the second project in Mindanao after one in Davao City. Its amenities include parks, playgrounds, and other community facilities.
Mr. Atencio said the company already has “land prospects” in Bacolod province and Zamboanga city for its next projects.
8990 has been targeting an annual top line and bottom line growth of 20%, while its budget for this year is at P8 billion, of which P3 billion was set aside for land acquisitions and P5 billion for operating expenses. -- DJM