Following its P9-billion follow-on offering via the Philippine Stock Exchange, listed company 8990 Holdings said it will start building its own mall brand, the first of which will be established in the company’s recently acquired property in Ortigas.
In a disclosure to the Philippine Stock Exchange on Monday, 8990 Holdings said the malls will be integrated into the company’s medium and high-rise residential projects.
The malls will be built under the brand name ‘Urban DECA Homes’ by the company’s subsidiary, 8990 Housing Development Corp.
The first mall under the brand will be located in the group’s recently acquired P2.2-billion property in the district of Ortigas, Metro Manila.
“We are very excited about this innovation because the integration of a mall will be the new template for 8990’s vertical projects that will add significant value to our mass housing condo units, and still be within the price points that cater to the mass housing market,” 8990 President Januario Jesus Atencio told the local bourse.
Just two weeks ago, 8990 Holdings conducted a P9-billion follow-on offering at the PSE.
8990 Holdings recently reported its first-quarter earnings grew 30 percent year-on-year to P933.6 million from the P716.7 million the company booked in the corresponding period last year.