8990 looks for partners in mall diversification plan

Listed property develop­er 8990 Holdings Inc. has expressed keen interest in forging partnerships as it considers venturing into the mall-operation business to further boost its income.

The company said it is searching for a new partner after the Waltermart group called off a planned joint ven­ture partnership to be the op­erator of malls to be built in 8990 projects at Vitas, Tondo, and the Ortigas Avenue Ex­tension.

“This may be providen­tial, because it opens the opportunity for 8990 itself to go directly into mall opera­tions,” 8990 Holdings Presi­dent Januario Jesus Atencio III told reporters.

He believes that pen­etrating into new business segment can further boost its income.

“While we regret the turn of events, this presents an opportunity for us at 8990 to operate the mall ourselves, leading to a strong potential for enlarging our recurring in­come base,” the company told the local bourse.

Apart from being one of the largest home builders for the masses, 8990 Holdings is also building Azalea hotels and residences, and medium and high-rise condominiums.

In 2016, the company tar­gets to generate P12 billion in revenues from the sale of mass housing projects.