8990 Holdings to invest P1 B for Iloilo township

MANILA, Philippines - Mass housing developer 8990 Holdings Inc. is investing P1 billion to develop a 140-hectare township project in Iloilo which would address the current housing backlog of the city.

Januario Jesus Atencio, president and chief executive officer of 8990 Holdings, said the launch of the Deca Homes Pavia Resort Residences (DHPRR) marked another milestone in the company’s growth as the project would not only help ease the housing backlog in Iloilo, but at the same time contribute to the economic activity of the city.

As the firm’s largest housing development in Iloilo and in the island of Panay, Atencio said DHPRR would help “transform lives” in the communities it would serve.

“DHPRR is an answer to the housing needs of Filipinos, especially llonggos, and a fulfillment on our part because we are not just here to build houses, but  also to make lives better” Atencio said.

DHPRR is being developed near the Iloilo International Airport and the century-old Pavia Parish Church also known as Sta. Monica Parish Church.

The township project would involve 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 and wakeboard park.

Each unit would have an 80-square meter lot and 35.1-square meter floor area with two bedrooms, toilet and bathroom, kitchen, dining and living areas.

Atencio said the company’s pre-cast technology could help make each DHPRR unit available in less than 10 days.

He said prospective buyers could tap the company’s financing scheme called DECA CTS Gold 11 or Pag-IBIG’s housing loan facility to own their DECA home.

As of the third quarter last year, 8990 Holdings booked a 74-percent increase in earnings to P1.02 billion from P589 million year ago.

Atencio said the listed home builder expects revenues for full year 2014 to grow to P7.6 billion to 7.8 billion from last year’s P5.36 billion, while net income is expected to hit at about P3 billion to P3.2 billion.