8990 taps SM Hypermarket as anchor tenant for mall

Font Size

MASS HOUSING developer 8990 Holdings, Inc. has tapped SM Hypermarket as the supermarket operator for its first mall development in Tondo, Manila.

In a disclosure to the stock exchange on Monday, the listed firm said it has signed an agreement with SM Hypermarket to be the lead anchor tenant for Deca Mall, which is set to open in the second quarter of 2019.

SM Hypermarket will occupy 3,073 square meters (sq.m.), comprising about a sixth of Deca Mall’s 18,000 sq.m. worth of gross floor area.

“By bringing in SM Hypermarket as the anchor tenant of Deca Mall, Urban Deca Homes residents and those from the environs no longer have to travel far for their everyday shopping needs,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.

The P452-million Deca Mall will also house up to 450 small and medium enterprises in addition to a tiangge at the second floor.

The mall stands within 8990 Holdings’ 13-tower residential complex called Urban Deca Homes Manila. This is the company’s second largest project to-date, following a similar project in Ortigas Extension that will be launched in the first quarter of 2019.

Urban Deca Homes Manila covers a total area of 8.4 hectares, offering more than 13,000 residential units valued at about P20 billion. 8990 Holdings targeted residents of Tondo, the Port Area, Intramuros, Divisoria, and the Camanava (Caloocan-Malabon-Navotas-Valenzuela) area for the project, addressing the housing needs of those living in these densely populated areas.

The property developer has already sold out all units in the project, given the low amortization rates of P9,000 to P11,000 per month.

8990 Holdings booked a net income attributable to the parent of P3.41 billion in the first nine months of 2018, 38% higher than the same period a year ago as gross revenues also surged 41% to P8.63 billion.

The company expects 2018 to be another banner year, targeting P11.5 billion worth of revenues and about P4.49 billion in earnings by year-end.

Shares in 8990 Holdings went up by a centavo or 0.13% to close at P7.75 each at the stock exchange on Monday. — Arra B. Francia