MASS housing developer 8990 Holdings, Inc. has programmed capital expenditures totalling P3 billion for 2018 to finance future and ongoing projects.
The company has two ongoing projects set for completion next year while five are slated for launch, incoming 8990 President Willie Uy said in a news conference on Monday.
The five projects scheduled for launch next year include one in Iloilo, one in Cebu, two in Davao, and the Ortigas Extension project in Pasig City.
Uy said that a huge chunk of the capex would be used on its high-rise condominium projects as these required higher capital.
“The biggest one is for Ortigas extension … that will be the biggest project lined up for 2018. We have projects coming up in Iloilo, Bacolod, Davao, Cebu, Cavite, and Bulacan, and we’re still waiting for our license to sell but we hope to get it in the next 60 days,” Uy said.
“We have some properties right now but our focus is on the Tondo property and the Ortigas extension project,” he added.
8990’s Ortigas Extension project will rise beside a new mall, with leasing to be handled by another firm. 8990 will lease out the land where the commercial space will be located.
The company launched a similar project in Tondo, Manila early this year, the P452-million Urban Deca Homes Tondo, a 14-tower development located beside Deca Mall.
The Ortigas Extension project is set for construction in the latter part of 2018 once 8990 secures the necessary requirements, including the license to sell.
“We can start selling already [once we secure the license]. It’s just that the HLURB (Housing and Land Use Regulatory Board) is very strict. We just want to make sure that we have everything in place before we start accepting reservations,” Uy said.
8990 is the leading mass property developer in the country in terms of total number of units produced based on HLURB data.