Mass housing developer 8990 Holdings Inc. is planning to launch projects abroad, particularly in a place no one in the local property industry has gone yet—Tanzania.
Located in East Africa, Tanzania’s name means “uninhabited plain” or “sail in the wilderness,” in Swahili, the country’s national language.
Although a poor country, Tanzania’s property market is set to grow sharply in the coming years, with economic growth backed by promising oil and natural gas market, according to online agent Global Property Guide, which caters to global residential property investors.
“In January, I am going to Tanzania to check it out,” 8990 Holdings president and chief executive officer Januario Jesus Gregorio Atencio 3rd told reporters on Thursday.
Atencio said 8990 is currently in talks for projects in Singapore and Malaysia, but was asked by a publicly listed Singaporean firm to develop a 100-hectare land that the latter had acquired in Tanzania.
He said he had agreed to the proposal in principle, but specified that 8990 is thinking of developing around 50,000 to 100,000 units in the Tanzanian property.
“We’ll be the developer (8990), they’ll be the land owner (the Singaporean firm),” said Atencio.
He said 8990 plans to form what he called a “global team” for the Tanzanian project.
“[We will form] a global team composed of the partner we are going to do this with, a joint-venture partner who may be a foreigner as well with 8990. From that team, they can come over [to the Philippines]and we can train them with our technology here, how to manage it, and when they are ready, we can deploy them,” Atencio expounded.
Atencio said he was also recently approached by the prime minister of Malaysia to help in putting up one million low-cost housing units in Malaysia.
“We’re still waiting,” he said. “It’s their timing. I’ve already said, ‘Yes, we are willing to help’. This is all about Asean integration. We’re (one of) the Asean countries. We should all extend hands to each other.”
Moreover, Atencio said some people from a company in Dubai also approached him recently, as they thought 8990 was selling franchises.
He said he would meet with this company in the first quarter of 2016.