8990 Holdings set to buy P2.2-B Pasig property


Posted at Feb 21 2014 01:29 PM | Updated as of Feb 21 2014 11:55 PM

MANILA, Philippines – Property firm 8990 Holdings, Inc. on Friday said it is set to purchase parcels of land in Ortigas Ave. Extension in Pasig City through its unit 8990 Housing Development Corp.

8990 Holdings said in a disclosure to the Philippine Stock Exchange that its housing unit signed a deal with Consolidated Tobacco Industries of the Philippines, Inc. and Center Industrial and Investment, Inc. for the acquisition of certain parcels of land with an aggregate land area of 130,390 square meters.

The parcels of land were acquired for "future land development."

The deal costs approximately P2.2 billion and full payment was made upon execution of the deed of sale, the firm disclosed.

The Securities and Exchange Commission en banc approved in January the P13.13 billion share sale of 8990 Holdings.

The low-cost property developer plans to sell 1.034 billion primary and secondary shares at a maximum offer price of P12.70 per share.

It is engaged in horizontal developments under Deca Homes and medium-rise buildings using the name Urban Homes.

Two high-rise towers in Metro Manila are expected to be launched this year under the 8990 Tower brand.