8990 Holdings acquires property in Tondo

Posted at 06/25/2014 12:03 PM

MANILA, Philippines - Mass housing developer 8990 Holdings is acquiring a property in Tondo, Manila.

8990 Holdings said it acquiring two real estate companies Tondo Holdings Corp. (THC) and Euson Realty & Development Corp. (ERDC), as it seeks to improve its land portfolio.

THC and ERC are real estate companies that own vacant lots in Vitas and Velasquez Streets in Tondo, Manila.

8990 Holdings is buying ERDC for P790.98 million and THC for P823.65 million, or a total of P1.6 billion.

"The acquisition... will improve 8990 HDC's land portfolio for low-cost housing under the medium rise building-integrated mall concept," the company said.

Last month, 8990 Holdings said it will start building malls that will be integrated in its medium and high-rise residential projects.

8990's main subsidiary 8990 Housing Development Corp. will undertake the development of the "integrated malls" under the "Urban DECA Homes" brand name.

In the first three months of 2014, 8990 Holdings reported a 30 percent surge in net income to P933.6 million.