Mass housing developer 8990 Holdings Inc. is investing about P3 billion for the development of the 3.4 hectare lot it recently acquired from listed company SBS Philippines.
Earlier this week, SBS announced that 8990 acquired the lot located along the Zapote Road in Barangay Pamplona in Las Piñas City for P858.97 million.
In an interview with reporters on Monday, 8990 Chief Executive Officer Januario Jesus Atencio said the firm does not yet have concrete plans for the development of the acquired property.
“It’s too early to tell,” Atencio said.
Atencio said he hasn’t decided yet whether the project will either be similar to its affordable housing condominium projects in Ortigas and Tondo, or a 4-story condominium such as the one the company developed in Muntinlupa.
“It can be either that [Four-story condo] or a combination of both,” Atencio said. “It’s too early to tell. We just bought the property a few days ago.”
The firm’s affordable condominium township project located in Vitas, in Tondo, Manila houses 13 residential buildings and a two-story mall called DecaMall, while a similar project along Ortigas Avenue offers 26 residential buildings, a shopping mall, and two Business Process Outsourcing office towers.
Atencio said the new development will have commercial spaces, but is not yet sure if it will have a mall component like the Ortigas and the Tondo developments.
“Depends on the density we decide. But whatever it is, it will have commercial spaces, whether or not these commercial spaces will big enough to be considered a mall, “ Atencio said.
Atencio did not give a target date for when the new development will start and complete construction, but he estimated that development would take about 4 years.