BY ANGPING & ASSOCIATES SECURITIES
8990 Holdings, Inc. (HOUSE) is hiking its spending program this year to PHP 8.0 billion as its confidence in the country’s affordable housing market remains on a high level.
The company is budgeting a maximum of PHP 3.0 billion for capital expenditures this year and another PHP 5.0 billion for operating expenses.
The capex budget is being allocated specifically for purchasing new land and increasing production capacity while the opex would be used for land development and construction of houses.
8990 Holdings is eyeing to double its landbank to 500 hectares and start new projects in Bulacan, Bacolod and Zamboanga this year.
Deca Homes GenSan Bayview, 8990 Holdings’ first mass housing project in the city, covers an 18.82-hectare portion of a 67.53-hectare property complex.
The housing project will consist of 1,271 house and lots ranging from 80 square meters to 150 sqm, with parks, playgrounds and other community facilities.