Philippines based real estate firm 8990 Holdings Inc has launched a 140-hectare township project, with an investment of over $22.4 million (P1-billion).
Dubbed Deca Homes Pavia Resort Residences (DHPRR), the project is located in Iloilo province and island of Panay in the Western Visayas region. It is near the Iloilo International Airport and downtown area.
The listed company will undertake the DHPRR project through its property developer division – 8990 Housing Development Corp.
Juanario Jesus Atencio, president and chief executive officer of 8990 Holdings, said DHPRR is meant “to address the housing backlog in Iloilo and at the same time contribute to the economic activity of the city.”
The township project involves the construction of 2,861 single-attached house and lot units with amenities including, a clubhouse, swimming pool, basketball courts, chapel and a commercial center.
Originally incorporated in 2005 as Converge Data Center Inc, an information technology and telecommunications services provider, 8990 Holdings changed its corporate name in 2013. The company is operating, through its subsidiaries, as a low-cost mass housing developer.
As of December 31, 2013, the Company had completed 16 mass housing projects comprising approximately 14,000 housing units under the DECA Homes and Urban DECA Homes brands.
The company’s 2014 net income was $51.4 million (P2.83 billion), a 35 per cent growth, higher year on year for a period spanning nine months (January to September).
The latest share price of 8990 Holdings is at P7.65 per share up by P0.030 (0.39 per cent) from yesterday’s P7.62 per share.