8990 Holdings tapped for Sri Lanka project

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Mass Housing Developer 8990 Holdings Inc. is looking at developing a project in Sri Lanka as it has been tapped to bring its expertise to the Asian country, a company official said.

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8990 Chief Executive Officer Jose Januario Gregorio Atencio 3rd told reporters that the company recently received an “unofficial” invitation from Sri Lanka’s Secretary of Finance to bring for a mass housing project.

“They don’t have big developers. That’s the thing I am looking at. There are many countries that have no big developers. But they want big housing projects,” Atencio said.
Developing a project in another country could help generate employment, he noted.

“So that’s why we need to come. Maybe we can bring in our capital. Because housing is one of the most labor intensive industries. So maybe we can provide employment,” Atencio said.

Atencio declined to specify the plans for Sri Lanka venture, as 8990 Holdings still needs to visits to country.

“I have to go there, I have to interview,” Atencio said.

He recently returned from a site visit for a proposed mass housing project in Tanzania, where mass housing sector is not fully ready as there are still some things that the country needs.

“Mass housing has to have a requisite. Mass housing in my view is not a catalyst industry,” Atencio said.

“It’s a difficult environment. There are other things that the country needs,” he added.
Earlier, 8990 Holdings was tapped by a Singaporean company to develop 50,000 to 100,000 low-cost units in a 100-hectare land in Tanzania.

The firm was recently approached by the Prime Minister of Malaysia to put up one million low-cost housing units in the Southeast Asian country.

“Malaysia is a go,” Atencio said.

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