MASS housing developer 8990 Holdings, Inc. said it already entered the high-end property market via Monterrazas de Cebu in Cebu City, with a new development Monterrazas Prime in the pipeline.
“It’s the last remaining contiguous mountain property remaining in Cebu,” 8990 Holdings Chairman Mariano D. Martinez, Jr. said in a text message sent via a representative on Sunday.
The company told reporters on Friday that it launched a joint venture with Jan Slater Lee Young, engineer and former Pinoy Big Brother housemate, to develop Monterrazas Prime.
“This Monterrazas Prime is a very exclusive enclave of a group of houses. The prices are ranging from, I think, P40 [million] to P50 [million per unit],” 8990 Holdings Deputy Chief Executive Officer Anthony Vincent S. Sotto said during the briefing.
Monterrazas Prime is a house-and-lot project by Young-led SkyEstates Construction Corp., LLG Architects, and GENVI Development Corp.
8990 Holdings acquired in February 2019 a 72.83% stake in GENVI, the property firm behind Monterrazas de Cebu.
Monterrazas Prime offers 15 Soprano units with a lot size of 408 square meters (sq.m.) to 440 sq.m. and 15 Alto units with 350 sq.m. to 371 sq.m. in lot sizes. Its land development is at 15%, according to a video presentation on Friday.
However, the company said it has no plans of expanding the Monterrazas Prime brand yet.
“As with our other properties on our landbank, this was more opportunistic — our license to sell is just for selling the lots,” said Mr. Martinez.
The company currently has a landbank of 670.91 hectares, which it expects to provide P201 billion in potential sales within the next seven to 10 years. The majority or 59% of this is located in the Visayas with 397 hectares, Luzon at 25% with 170 hectares, and Mindanao at 16% with 104 hectares.
Luzon is expected to generate over half of the projected sales with P103 billion, Visayas is seen to account for 45% with P91 billion, and three percent from Mindanao with P7 billion.
Shares of 8990 Holdings at the local bourse closed unchanged at P7.20 each on Friday. — Keren Concepcion G. Valmonte