8990 Holdings unit signs housing deal with Quezon City government

LISTED property developer 8990 Holdings, Inc.’s subsidiary 8990 Housing Development Corp. has signed a housing deal with the Quezon City government.

The deal will provide 2,699 housing units to Quezon City government employees and informal settler families, 8990 Holdings said in a regulatory filing on Monday.

The housing units will be in 8990’s four-tower Urban Deca Homes Commonwealth project near Batasan Road in Barangay Commonwealth.

The project was formalized with the signing of a memorandum of agreement between 8990 Housing and the Quezon City government on Sept. 28.

The partnership is 8990’s first housing project under a partnership with a local government unit.

For the first half, 8990 Holdings saw a 19% decline in its net income to P3.06 billion from P3.78 billion a year ago.

January-to-June revenue increased by 0.7% to P10.14 billion from P10.07 billion a year ago on higher real estate sales in Metro Manila, Bulacan, and Davao.

8990 Holdings is an affordable housing developer. It is engaged in various projects such as low-cost mass housing units and subdivision lots, medium-rise, and high-rise building housing units.

On Monday, 8990 Holdings shares rose by 3.22% or 29 centavos to P9.30 per share. — Revin Mikhael D. Ochave