Developer 8990 Holdings, Inc. finally confirmed Wednesday, February 20, that it will acquire 100% ownership of the company that developed the upscale Monterrazas de Cebu in the hills of Cebu City.
In a disclosure to the Philippine Stock Exchange (PSE), 8990 Holdings said this acquisition marks its foray into the high-end property development segment. 8990 is behind the brands Deca Homes and Urban Deca condominium.
“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”, said 8990 Holdings President & CEO, Willie J. Uy.
“Our ultimate goal is to become one of the largest property companies in the Philippines. Through organic growth we have been able to double our revenues to P11.5 billion from a mere P5.7 billion six years ago and expand our land bank to almost 600 hectares,” Uy added.
The addition of Monterrazas de Cebu brings 8990 Holdings’ landbank to approximately 800 hectares.
Rumors about 8990 acquiring Monterrazas have been circulating in Cebu since 2018.
The company confirmed that it has agreed to acquire 100% of the outstanding shares of the Villalon-owned GENVI Development Corporation and its flagship project, Monterrazas de Cebu.
Monterrazas is the largest and last remaining contiguous mountain property development in the heart of Cebu City.
Spanning more than 200 hectares in the hills of Cebu City, the property has a commanding view of Cebu, Mactan, and Bohol. It is a master-planned integrated community with residential, commercial, and institutional clusters.
Development of the property, owned by Cebuano family Villalon, started in 2007 with the launch of its first high-end residential community, The Peaks.
This component will also feature the Verandas, a clubhouse that will be perched on the highest peak and will offer a 360-degree view of not only the city, but also the islands of Mactan, Bohol, and the Buhisan forests.
Another community within Monterrazas, the North Ridge, was launched the next year. It will have it own clubhouse, the Pavilions with a free-form infinity pool, a play area, a lounge, and two function rooms.
The developed portion comprises less than half of the total land area of Monterrazas de Cebu.
“With 8990 Holdings’ acquisition of GENVI Development Corporation, the development of these upscale subdivisions and high-end residential communities will definitely continue. In fact, the company also plans to offer other residential projects for those seeking luxury living close to the city,” the company said.
The company said it acquired new technologies to be used in developing Monterrazas de Cebu and its future projects.
It is also exploring architectural designs seen in the top cities around the world which will be adopted in the next phase of the Monterrazas de Cebu development. Its sales team is headed by Dennis Lim, who has 21 years of experience in real estate and handling luxury projects.
As of 2:20 p.m. of February 20, 8990 shares were being traded at P12 apiece, higher than its February 19, 2019 close of P11.98. (Ventures Cebu)