RECENTLY PRIVATIZED and delisted 8990 Holdings, Inc. said its exit from the stock exchange has not slowed its operations, letting the company pursue projects that better match its risk appetite while stepping up expansion outside Metro Manila.
“So now, that pressure is off — we can actually maintain our target at the level that we’re comfortable without exposing so much risk to the company,” 8990 President and Chief Executive Officer Anthony Vincent Sotto told reporters last month. “But we’re aggressive in really pushing projects in the province.”
He said the affordable housing developer plans to open three more branches this year as part of its push into provincial markets. “One is in Butuan, the other is Panabo — just a city next to Davao City, and then one is Digos,” he said.
He said opening branches in areas where the company has had no prior presence is part of a longer-term strategy rather than a single expansion move. “We’re going to put up a branch there so we can put up a project, because we’re really investing in a branch, not just a project,” he added.
The company sees provincial expansion as key to sustaining growth, as demand for housing outside major urban centers continues to rise alongside infrastructure development and population shifts.
By establishing local branches ahead of project launches, 8990 aims to build on-the-ground teams that can manage sales, construction and community engagement more effectively.
Alongside its provincial push, 8990 is moving forward with its housing partnership with the Quezon City government. Mr. Sotto said all three buildings under the agreement, including the third structure that is under construction, are targeted for completion by 2027.
“The first building is already finished. There are already Quezon City beneficiaries,” he said. He added that the second building is under construction, with interior works expected to be completed by the second quarter.
In October 2024, 8990 Holdings through its unit 8990 Housing Development Corp., signed an agreement with the Quezon City government to provide 2,699 housing units for city employees and informal settler families under the Urban Deca Homes Commonwealth project.
The deal marked the company’s first housing development undertaken in partnership with a local government unit.
Mr. Sotto said the partnership aligns with the company’s core business in affordable housing, while also allowing it to work more closely with the government to address housing needs in densely populated areas.
Shift toward ultra-luxury
At the same time, 8990 is expanding beyond its traditional focus on mass housing and venturing into ultra-luxury developments, reflecting a broader shift in its project mix.
Mr. Sotto said developers often begin with affordable housing, only to find margins in that segment to be thin over time. This typically pushes companies to move up the pricing ladder before entering the ultra-luxury space.
“The Mont also has a project here, while Nila (Residences) — we just launched it in October,” he said.
Nila Residences is positioned as an exclusive courtyard villa community in Manila and is being developed by Mont Property Group, a unit of 8990 Holdings. Mont Property Group is also behind higher-end projects such as The Rise at Monterrazas de Cebu and Monterrazas Skypod.
The move into ultra-luxury developments marks a contrast to 8990’s long-standing identity as an affordable housing builder, but the company said it reflects a diversification strategy aimed at balancing volume-driven projects with higher-end offerings.
8990 Holdings is engaged in a wide range of developments, including low-cost mass housing units, subdivision lots, medium-rise buildings and high-rise residential projects. Its portfolio spans multiple regions, with a growing presence outside Metro Manila.
The company was delisted on Oct. 28 last year. — Alexandria Grace C. Magno
