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
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