Property developer to issue P5-B bonds

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Listed mass housing developer 8990 Holdings Inc. plans to issue P5 billion worth of retail bonds before June next year to help finance its projects and retire high-cost loans.

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8990 Holdings President Januario Jesus Gregorio Atencio 3rd said the amount will be used for land banking and capacity expansion. The company is preparing to build 10,000 units a year.

Atencio said the firm will increase land banking by 50 percent next year. He said that the company is near to meeting its target land bank of 500 hectares worth P25 billion of residential projects. To date, 8990 Holdings already has 338 hectares of the 500 hectares land bank, amounting to 89,850 units.

For 2014, the company targets to grow its net income by 40 percent, reaching P3 billion to P3.2 billion from P2.2 billion last year. Revenues for the year, on the other hand, is expected to surge 60 percent up to P7.8 billion from the P5.4 billion a year ago.

In a five-year span, 8990 Holdings is set to complete 18 projects, expecting a total of P66 billion in revenues.

Formerly an IT and telecommunications firm, 8990 Holdings is engaging 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.

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