8990 Housing named top developer

Mass housing developer 8990 Housing Development Corp. was named the top property developer in terms of takeout value from the state-run Home Development Mutual Fund (HDMF) or Pag-IBIG.

8990’s takeout from Pag-IBIG reached P2.4 billion in 2015 compared to P1.7 billion the previous year, said Januario Jesus Atencio, president and chief executive officer of publicly listed parent conglomerate, 8990 Holdings.

The 2015 takeout—or individual members’ home financing taken over by Pag-IBIG—accounted for around 25 percent of 8990 Holdings’ total business last year, Atencio said.

Pag-IBIG typically provides its members with home financing equivalent to 90 percent of the appraised value of the housing unit.

Pag-IBIG chair Chito Cruz and president Darlene Berberabe gave the top developer award to 8990 in an awarding ceremony last Jan. 26, the property developer said in a statement on Thursday.

Atencio credits “the strong partnership of developers and HDMF for this achievement that  makes every Filipino’s dream of owning a home a reality.”

The 8990 Holdings chief emphasized that, “the fund also achieved lower interest rates, lower insurance premiums, lower monthly amortizations that account for the successful performance of HDMF in 2015, and this has resulted in a better housing finance environment for the mass housing market.”

Joining 8990 in Pag-IBIG’s roster of top developers are: The New APEC Group of Companies; Homemark Inc.; Fiesta Communities Inc. & Affiliates; Borland Development Corp.; Charles Builders Group of Companies; AXEIA Group of Companies; Johndorf Ventures/Prohomes Dev’t Corp; Lumina Homes/Household Dev’t Corp, and P.A. Alvarez Group of Companies. Doris Dumlao-Abadilla