8990 Holdings buys more land

Mass housing developer 8990 Holdings has expanded its landbank in northern Luzon with the purchase of a 13-hectare property in Marilao, Bulacan, owned by agribusiness firm Vitarich Corp. for P610 million.

The purchase agreement was sealed by 8990 Holdings subsidiary 8990 Housing Development Corp. represented by its president Januario Jesus Atencio and Vitarich chair Jose Vicente Bengzon III, 8990 said in a statement.

Atencio said: “8990 is happy to have acquired this property because of its excellent location for mass housing, enabling us to increase our coverage in a new province and be able to tap the growing demand for affordable homes north of Metro Manila.”

The Vitarich property purchase allows 8990 to expand its housing operations to Bulacan, adding to 8990’s present locations in Pampanga, Cavite, Iloilo, Cebu and Davao, the housing developer said.

Atencio said the Vitarich property would add an estimated 1,885 units of townhouses or 1,105 units of single detached houses, depending on the final scheme that will be implemented for this property.

Since 8990’s follow-on offering last May, the publicly listed company has purchased more properties for mass housing development.

Aside from the Vitarich property, 8990 has acquired the following for its landbank: 30 hectares in Pavia, Iloilo, 25 hectares in Davao City, 8 hectares in Vitas, Tondo, 31 hectares in San Mateo, Rizal, and 17 hectares in Batasan, Quezon City.

All told,  8990’s total landbank has now expanded from 250 to 361 hectares since going public.