LISTED real estate developer 8990 Holdings Inc. listed on Friday its P5-billion series A perpetual preferred shares on the Philippine Stock Exchange.
The offer period began on November 17 and ended on November 23. Proceeds from the share issue will be used to fund the company’s mass housing projects nationwide.
“If we are serious about addressing the (housing) backlog in our country today, it is not going to work to make houses in Metro Manila more expensive,” 8990 Chairman Mariano Martinez said in a press briefing in Makati.
“We are hoping we can go back to the old P3.19-million [per housing unit]nationwide or at the very least P2-million limit nationwide as well,” Martinez said.
Martinez said 8990 will offer more preferred shares if needed.
“We actually have an approval for a shelf registration of P10 billion” worth of shares or bonds, Martinez said.
“If we need to get some more, whether in the form of preferred shares or bonds… we will do that,” he added.
Meanwhile, 8990 is looking at starting five more projects in 2018, according to Martinez.
“One in Iloilo and one is in Cebu and two more in Davao and we have a very big project in Ortigas Extension. Megawide will be our contractor,” he said.
8990 Chief Operating Officer Willie Uy said they are looking forward to more roads being built by the government under its Build, Build, Build program, to give way to the construction of more real estate projects.
“We need the roads. We can expand to far-flung areas,” Uy said.
8990’s biggest markets are Metro Manila, Metro Cebu and Metro Davao, according to Uy.