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8990 investing P1.8b to develop Vitarich lot

Mass housing developer 8990 Holdings Inc. said Wednesday it plans to spend P1.8 billion to develop a 14-hectare former Vitarich Corp. property in Marilao, Bulacan into a residential project.

8990 Holdings said in a disclosure to the stock exchange the project would have a mix of townhouse units, which would be sold at P1.4 million to P1.5 million and medium-rise buildings which would be sold at P1.2 million for studio units and P1.7 million for two-bedroom units.

“We are excited about the opening of 8990’s newest branch in Marilao. Bulacan is one of the growing provinces north of Metro Manila. We are very positive about the impact of this new project,” 8990 Holdings president and chief executive Januario Jesus Atencio said.

Under the plan, 819 townhouse units will be developed while the 28 medium-rise buildings will have a total of 3,788 condominium units.

“The location of the project is ideal for potential homeowners working in Quezon City, Caloocan and other northern parts of Metro Manila. Plus, the prices are appealing to the growing millennial market of 8990. This gives our target market another option for owning a home,” Atencio said.

The company said since the project was launched in July, it had received 116 letters of intent for the project.

8990 Holdings acquired the 14-hectare property in Bulacan, owned by poultry producer Vitarich, for P610 million in July 2014.

The purchase of the property allowed 8990 to expand its housing operations to Bulacan, in addition to present locations in Pampanga, Cavite, Iloilo, Cebu and Davao.

8990 Holdings set a target of 20 percent annual growth in sales over the next five years to enable it to double revenues by 2020.

Aside from the Bulacan property, 8990 Holdings is also developing 8.4 hectares in Vitas, Tondo, which will have 13 residential buildings, including a shopping mall and the 13-hectare property in Ortigas Extension, which it acquired from Consolidated Tobacco Industries of the Philippines and Center Industrial and Investment Inc.

It also started developing a 3.4-hectare land in Las Piñas, which it purchased from SBS Philippines Corp.

Topics: 8990 Holdings Inc. , Vitarich Corp. property
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