Latest Stories

IP Converge turns to housing

New owners said to infuse up to P8B for dev’t


IP Converge Data Center is set to engage in the affordable housing business as the group that bought the publicly listed shell company plans to infuse up to P8 billion worth of assets and conduct a follow-on equity offering next year.

IP Converge, which trades at the local stock exchange under the ticker “cloud,” will thus become the backdoor listing vehicle for the assets of 8990 Housing Development Corp., a horizontal housing developer with projects in the Visayas and Mindanao under the flagship brand “Deca Homes.”

In a briefing on Wednesday, 8990 Housing president Jesus Atencio said the group had mandated Maybank ATR Kim Eng Financial Corp. to study the company’s prospective follow-on offering, which may happen by June or July next year.

“We’re exploring all options to raise equity and boost production, given the overwhelming demand in mass housing,” Atencio said.

The group has already completed the acquisition of IP Converge but has yet to complete the infusion of assets, Atencio said.

The company has ongoing housing projects that will bring 22,446 units worth around P15.6 billion to the property market.

Also, it has converted its existing P5-billion landbank, equivalent to about 100 hectares, into nine new subdivisions and medium-rise condominium projects to be completed from 2013 to 2017. The future developments are expected to bring in additional 15,912 units with an estimated sales value of P14.6 billion.

8990 Housing has been in the real estate business for 22 years. It is into the affordable housing segment and the prices of its units range from P500,000 to P1.5 million.

Atencio said that the group is very upbeat on the sector as the country’s housing backlog of 3.8 million homes is expected to balloon to 4.65 million by 2016.

The property group’s gross revenue grew by 14 percent in the last five years, while net worth had expanded by 104 percent over the same period. Sales take-up last year amounted to about P4 billion.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: 8990 Housing Development Corp. , backdoor listing , Deca Homes , IP Converge Data Center , property , Real Estate

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace