Listed affordable and mass housing developer 8990 Holdings Inc., through its unit 8990 Housing Development Corp., is spending P1 billion to develop its 140-hectare township project in Iloilo.
The developer launched last year the 140-hectare Deca Homes Pavia Resort Residences (DHPRR), which offers 2,861 single-attached house-and-lot units, to help resolve the housing backlog in Iloilo and contribute to economic activity in the city.
As of December last year, the company has sold 8 percent of the total number of units in the development.
“DHPRR is an answer to the housing needs of Filipinos, especially llonggos, and a fulfillment on our part because we are not just here to build houses but to make lives better,” Januario Jesus Atencio, president and chief executive officer of 8990 Holdings, said.
Each unit will have two bedrooms on 35.1-square meter (sqm) floor area on an 80-sqm lot. The units will have the usual features—toilet, bathroom, kitchen, dining and living rooms—plus Awning-type windows, painted exterior and interior walls, colored roofing, and Fascia gutter.
Atencio claimed that with their pre-cast technology, units will be ready in less than 10 days.
Buyers can tap 8990 Holdings’ financing scheme DECA CTS Gold 11 or the Home Development Mutual Fund (Pag-IBIG Fund) to avail of units in the township.
The township also boasts of a clubhouse, swimming pool, basketball courts, chapel and a commercial center and wakeboard park. It is near the Iloilo International Airport and downtown area, as well as the century-old Pavia Parish Church, also known as Sta. Monica Parish Church.
The Iloilo township is one of the 12 projects, totaling 11,574 units, launched by the company last year, 43 percent of which has been sold as of mid-December 2014.
The property firm is set to launch eight horizontal residential projects this year on a combined 79.4 hectares of land with a total of 14,010 residential units to be built.
Under the company’s expansion plan, the goal is to launch more than 10,000 housing units yearly. In a five-year span, 8990 Holdings is set to complete 18 projects, expecting a total of P66 billion in revenues.
After posting solid earnings in the first nine months of 2014, the company is confident it will meet its 2014 earnings targets. It expects net income to grow by 40 percent to P3.2 billion from P2.2 billion in 2013 and revenues to increase by 60 percent to P7.8 billion from P5.4 billion in the previous year.
Formerly an IT and telecommunications firm, 8990 Holdings is engaged in building low-cost and affordable housing units, but is now diversifying into the medium and high-rise residential segment through partnerships with industry players.