Sets R5-B Follow-On Offering
By JAMES A. LOYOLA
November 28, 2012, 5:14pm
Affordable homes firm 8990 Housing Development Corporation, soon to
be listed via the back door, is planning a follow-on offering of about
R5 billion to partly fund projects valued at R50 billion.
“We’re exploring all options to raise equity and boost production, given the overwhelming demand in mass housing,” said 8990 HDC president Jesus Atencio in an interview.
Atencio said they are now in the process of taking over IP Converge after acquiring 80 percent of its shares from IPVG Corporation for 95 centavos a share or about R210 million.
He said they hope to be able to undertake the FOO by the second quarter next year and they have already tapped ATR Kim Eng Partners Capital as financial advisor. The firm still has to do the paperwork for the change in primary purpose and change in corporate name before they take over.
Known for providing mass housing projects in Cebu, Davao, Angeles, Lipa, Cavite, and Naga Cities, 8890 HDC is seeking to capitalize on the growth of the construction and real estate sectors by catering to the gargantuan market for affordable housing.
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Aside from ongoing projects that will see 22,446 housing units with an estimated aggregate value of R15.6 billion upon completion, 8990 HDC has converted its existing R5 billion land bank into 9 new subdivision and medium-rise condominium projects with a completion timetable from 2013 to 2017.
These future developments are expected to bring in an additional 15,912 units, with an estimated sales value of R14.6 billion.
In addition, 12 new sites have already been purchased that will expand the company’s range of housing products to high-rise condominiums, time share properties, and condotel projects in major cities around the country.
These future developments would add a total of 34,576 units, with an estimated sales value of R19.3 billion.
8890 HHDC has ventured into the tourism business by offering time-share properties and pioneering the inclusion of cable wakeboard parks as an amenity in housing developments.
The developer currently operates two watersports facilities for both residents and guests, located within its Angeles and Davao projects.
The company is also expanding its investment in tourism by growing its timeshare business, which started with Azalea Residences in Baguio. More are set to rise in Boracay, Cebu, Davao, Angeles, and Manila.
Boasting a solid track record spanning over 22 years, 8990 HDC has built 51 subdivisions and has successfully turned over more than 41,000 housing units through its flagship and affiliates.
The firm expects revenues to surge 150 percent to P5 billion this year from P2 billion in 2011 and expand by 20 percent next year to P6 billion.
Including 2012, a combined four-year performance produced gross revenues of over P10.0 billion, net income of P1.5 billion, and net worth totaling P4.5 billion.
“We’re exploring all options to raise equity and boost production, given the overwhelming demand in mass housing,” said 8990 HDC president Jesus Atencio in an interview.
Atencio said they are now in the process of taking over IP Converge after acquiring 80 percent of its shares from IPVG Corporation for 95 centavos a share or about R210 million.
He said they hope to be able to undertake the FOO by the second quarter next year and they have already tapped ATR Kim Eng Partners Capital as financial advisor. The firm still has to do the paperwork for the change in primary purpose and change in corporate name before they take over.
Known for providing mass housing projects in Cebu, Davao, Angeles, Lipa, Cavite, and Naga Cities, 8890 HDC is seeking to capitalize on the growth of the construction and real estate sectors by catering to the gargantuan market for affordable housing.
ENJOY GOOD LIFE + INVESTMENT, CLICK HERE
Aside from ongoing projects that will see 22,446 housing units with an estimated aggregate value of R15.6 billion upon completion, 8990 HDC has converted its existing R5 billion land bank into 9 new subdivision and medium-rise condominium projects with a completion timetable from 2013 to 2017.
These future developments are expected to bring in an additional 15,912 units, with an estimated sales value of R14.6 billion.
In addition, 12 new sites have already been purchased that will expand the company’s range of housing products to high-rise condominiums, time share properties, and condotel projects in major cities around the country.
These future developments would add a total of 34,576 units, with an estimated sales value of R19.3 billion.
8890 HHDC has ventured into the tourism business by offering time-share properties and pioneering the inclusion of cable wakeboard parks as an amenity in housing developments.
The developer currently operates two watersports facilities for both residents and guests, located within its Angeles and Davao projects.
The company is also expanding its investment in tourism by growing its timeshare business, which started with Azalea Residences in Baguio. More are set to rise in Boracay, Cebu, Davao, Angeles, and Manila.
Boasting a solid track record spanning over 22 years, 8990 HDC has built 51 subdivisions and has successfully turned over more than 41,000 housing units through its flagship and affiliates.
The firm expects revenues to surge 150 percent to P5 billion this year from P2 billion in 2011 and expand by 20 percent next year to P6 billion.
Including 2012, a combined four-year performance produced gross revenues of over P10.0 billion, net income of P1.5 billion, and net worth totaling P4.5 billion.
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