OSAKA, Japan—Mass housing developer 8990 Holdings Inc. said it plans to spend P3 billion to develop a newly acquired 3.4-hectare property in Las Piñas City.
8990 Holdings president Jesus Januario Atencio said the company was still finalizing the master plan for the property which might include mid-rise buildings and a shopping mall.
“It will be similar to our Ortigas and Vitas, Tondo development, targeting the affordable housing market,” Atencio said.
The company said depending on market demand, it planned to develop four 13-story condominium towers within the property which it acquired from SBS Philippines Corp.
Atencio said the plan was to launch the Las Piñas project by 2017 or 2018, as the company already lined up several projects this year.
SBS Philippines reported last week its board approved the sale of a 3.4-hectare property along Zapote Road in Barangay Pamplona, Las Piñas to 8990 Housing Development Corp., a unit of 8990 Holdings for P858.965 million.
The property consists of seven contiguous lots with a total lot area of 34,263 square meters. The sale will close next month.
8990 Holdings said it remained on the lookout for acquisitions, given the positive prospects for the domestic real estate industry.
Atencio said the company was also excited with the launch of its second half-way housing project in Cubao, Quezon City. Under the plan, 8990 Holdings will build an affordable high-rise condominium that will offer 4,500 units priced at P1 million each.
The project is located across Farmers Market and is near other commercial establishments such as Araneta Center, the Gateway Mall, the Farmers Plaza, SM Cubao, Puregold Mall – Cubao and Ali Mall.
The property is situated near the Cubao station of the Metro Rail Transit line 3 and Araneta Center – Cubao station of the Light Rail Transit line 2.
8990 Holdings launched last year Urban Deca Tower project in Mandaluyong City, the company’s first high-rise development to adopt the concept of affordable halfway house concept for Metro Manila workers.
Atencio said the low-priced condo units would provide shelter for those working in the metropolis, allowing them to avoid the horrendous traffic jams when going to work.