8990 Holdings eyes projects in Malaysia
Mass housing developer 8990 Holdings Inc. plans to build projects in Malaysia and Tanzania as a part of its expansion overseas.
8990 Holdings president Januario Jesus Atencio told reporters the company was asked by Malaysian Prime Minister Najib Abdul Razak, in a one-on-one talk during the recent Apec meeting, to help with his plan to build one million low-cost housing units in Malaysia.
Atencio said he expressed willingness to help in the Malaysian Prime Minister’s plan, but the company preferred to have a joint venture partner to undertake the projects.
“We are now waiting for their next move because we already expressed willingness to help. But we prefer to have a joint venture partner to be chosen by the Malaysian Prime Minister,” Atencio said.
One of 8990 Holdings’ cornerstone investors when it went public in 2014 was Malaysia’s state investment fund, Khazana Nasional Berhad, which acquired an 8-percent stake in listed mass housing firm.
Atencio said aside from Malaysia, 8990 Holdings was also invited by a Singaporean listed firm to jointly develop between 50,000 and 100,000 housing units in Tanzania in East Africa.
Atencio said he would fly to Tanzania in January next year to study the market.
He said while there were still big opportunities in the domestic market, going overseas should be the next step for the company to remain relevant.
8990 Holdings has been aggressively expanding across the country, with projects in Davao, Bacolod, Cebu and Iloilo.
The company early this week broke ground for Deca Homes project in Tondo, Manila.
The 8.5-hectare property will contain 12 residential buildings offering more than 13,000 units.
After the Tondo project, 8990 Holdings is also set to launch a similar project in a 13-hectare property along Ortigas Avenue extension in Pasig City.
The Pasig project would consist of 26 buildings and 24,720 housing units.
The company acquired the 13-hectare property from Consolidated Tobacco Industries of the Philippines and Center Industrial and Investment Inc. for P2.2 billion in February last year.