Property developer 8990 Holdings Inc. purchased on Friday parcels of land in Pasig City for P2.2 billion, which the company will use for a future project.
8990 Holdings, through its subsidiary 8990 Housing Development Corp., executed a deed of sale on Friday with Consolidated Tobacco Industries of the Philippines Inc. (CTIP) and Center Industrial and Investment Inc. (CII), a disclosure to the Philippine Stock Exchange (PSE) showed.
The agreement involves 8990 Housing’s acquisition of certain parcels of land with an aggregate land area of 130,390 square meters situated on Ortigas Avenue, Extension Barangay Rosario, Pasig City.
The land, according to 8990 Holdings, will be used for “future land development project,” according to its disclosure to the PSE.
“There are existing commercial establishments in the property [i.e., warehouses, banks, restaurants]. There is no specific purpose yet for which the issuer will devote the property,” the listed property firm informed the local bourse.
“This will be determined in the future by the management of the company. In the meantime, the property shall form part of the land bank of the company for future development projects,” the disclosure further stated.
Earlier this year, the Securities and Exchange Commission (SEC) approved the P6.4-billion follow-on offering of 8990 Housing to help fund the firm’s land banking activities and working capital requirement.