8990 continues to expand reach for housing development

Regional property developer 8990 Holdings Inc., which has been the leader in the development of low- and middle-cost housing since 1995, continues to expand its reach to various locations in the country.

Starting off as a regional developer in Cagayan de Oro, 8990’s horizontal developments have multiplied from Davao, Tagum and the Visayas, to the outskirts of Manila, with their latest project being the first and only low-cost high-rise condominium in Metro Manila through their Urban Deca subsidiary.

“Our primary target market is the fast-growing number or urban dweller who seeks the opportunity to convert their existing monthly rental into a monthly amortization,” 8990 Holdings President and CEO Januario Jesus Atencio said.

From its housing projects in Cavite, Iloilo, Davao and Cebu, the company has recently launched an addition to its communities, the Deca Homes GenSan Bayview which is located in General Santos City in Mindanao.

The project comprises the construction of 1,271 houses, as well as parks, playgrounds and other community facilities.

As a company, 8990 aims to cater for the needs of the roughly 46 million need market in affordable housing, which is growing at 5 percent annually, especially as the middle class becomes more affluent.

Atencio aims to push for a 20-percent growth in both their top and bottom line products each year. His target for the company is to generate double income in every four to five years considering their innovative methods in production and financing.

“Eighty percent of our target market is aged 23 to 38 and earns at least P30,000 a month,” Atencio said.

“Whereas most real estate players and financial institutions require 20 percent down payments, we require only two percent and offer 25-years payments terms. Nonetheless, our collection efficiency stands at 96 percent,” he said.