MASS HOUSING developer 8990 Holdings, Inc. is expanding into the upscale property market with the acquisition of Cebu-based property firm GENVI Development Corp.
In a statement issued Wednesday, the listed firm said it is finalizing the acquisition of GENVI Development, which develops high-end properties in Cebu including integrated community Monterrazas de Cebu.
“The acquisition of Monterrazas de Cebu firms up our intention to expand 8990 Holdings into other real estate segments that have proven to have strong demand in the past years,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.
8990 Holdings said details of the acquisition, such as the purchase price, will be disclosed once the deal is finalized.
The company described Monterrazas de Cebu as the largest and last remaining contiguous mountain property in Cebu City, spanning more than 200 hectares.
GENVI Development has already launched several properties in Monterrazas de Cebu as part of the first phase, including high-end residential project The Peaks in 2007. It is also developing an upscale subdivision North Ridge.
8990 Holdings said it will continue the development of these projects after it completes the acquisition.
Since its establishment, 8990 Holdings has specialized in housing projects for the affordable market. Its largest project to date, Urban Deca Homes Tondo, offers houses priced from P1.4 million to P2 million. — Arra B. Francia