MANILA, Philippines - Mass housing developer 8990 Holdings is expanding into malls.
In disclosure to the stock exchange, 8990 Holdings said it will start building malls that will be integrated in its medium and high-rise residential projects.
"We are very excited about this innovation because the integration of a mall will be the new template for 8990’s vertical projects that will add significant value to our mass housing condo units, and still be within the price points that cater to the mass housing market," 8990 President Januario Jesus Atencio said in a statement.
8990's main subsidiary 8990 Housing Development Corp. will undertake the development of the "integrated malls" under the "Urban DECA Homes" brand name.
The first Urban DECA Homes will be built on a 13-hectare property in Ortigas Avenue Extension, which the company bought for P2.2 billion last February.
8990 said the integrated mall will be the "main attraction" in the Ortigas project, which will have mid-rise, low-cost condominiums.
"We intend develop in our Ortigas property a residential community of around 27,000 units for this project that makes an integrated mall feasible not only for the homeowners but also for the shops, businesses, services and institutions that will locate there. With this endeavor, we hope to support small and medium-scale enterprises (SMEs) as well," Atencio said.
Earlier this month, Malaysia's state investor Khazanah Nasional Bhd and global private investment firm TPG said it is buying $132 million worth of shares in 8990 Holdings.
8990 Holdings reported a 30 percent surge in net income to P933.6 million in the first three months of 2014.