Leading mass housing developer 8990 Holdings has debuted into high-end property development with a deal to acquire Genvi Development Corp., one of Cebu’s top developers of upscale property.
Genvi’s flagship project is Monterrazas de Cebu, the biggest and last remaining contiguous mountain property development in the heart of Cebu City. It is a master-planned residential, commercial and institutional estate covering more than 200 hectares and offering a commanding view of Cebu, Mactan and Bohol.
8990 Holdings has agreed to acquire 100 percent of the outstanding shares of Genvi.
“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 Willie Uy said.
This deal means that 8990 Holdings will have inventory of residential homes in Cebu priced at P6 million to as much as P14 million. For the longest time, it was focused on selling “affordable” housing or units that are priced at P2 million or below.
“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. The addition of Monterrazas de Cebu brings 8990 Holdings’ land bank to approximately 800 hectares. As with other top companies, it is a natural progression for one to move into new markets to achieve sustained exponential growth,” he added.
Prior to this, 8990 Holdings 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 that will be adopted in the next phase of the Monterrazas de Cebu. The company has appointed property veteran Dennis Lim as national sales head.
“We wanted to get someone who has the experience in the higher end market. We found this in Dennis Lim. His 21 years of experience in real estate and handling luxury projects, such as the Grand Hyatt Manila, was the main reason why we believed he would help bolster 8990 Holdings’ move towards this segment,” Uy said.
The first phases of Monterrazas de Cebu’s masterplan have already been launched and are in varied stages of development. Its first high-end residential community, The Peaks, was launched in 2017. Five-star amenities are offered at its clubhouse, Verandas, which is to be perched on the highest peak of Monterrazas, giving residents a 360-degree view of not only Cebu city, but the islands of Mactan, Bohol, and the Buhisan forests.
A year after it introduced The Peaks, Monterrazas de Cebu launched another upscale residential community called North Ridge. Its clubhouse called The Pavilions features a free-form infinity pool, a play area, a lounge, and two function rooms.
To date, less than half of Monterraza’s total land area has been developed or started developments.
With 8990 Holdings’ acquisition of Genvi, the development of upscale subdivisions and high-end residential communities are expected to continue. Riding on this new unit, the group also plans to offer other residential projects for those seeking luxury living close to the city.
Last year, 8990 Holdings launched its leisure company, 8990 Leisure and Resorts. Its hospitality arm will spend P5 billion in key destinations in Cebu, Makati, Davao, Palawan, Boracay, Siquijor, Alabang, Manila, Iloilo, Legazpi, Clark, Lapu-Lapu, Siargao, and Baguio.
Reference Link: Philippine Daily Inquirer