In order to fulfill its goal of creating affordable, quality housing throughout the Philippines, 8990 Holdings has constantly looked for new opportunities. That mindset led the firm to acquire a 68 percent stake in Piccadilly Premier Land, a Cebu-based developer focused on affordable homes.
Cebu is a key market for 8990 Holdings and the deal allows the homebuilder to further its affordable housing ambitions on both the local and national levels. Importantly, Piccadilly Premier Land projects are seen to support the firm’s activities in the region.
“While it is too early to tell how much this acquisition will contribute to our revenues, we are excited and optimistic with this transaction,” 8990 Holdings President and Chief Executive Officer Anthony Vincent Sotto told The Manila Times. “Their existing portfolio of affordable-priced projects is expected to complement our current slate of projects and broaden 8990’s reach in property development.”
Cebu house and lot projects are now in great demand
Cebu house and lot projects have seen a significant increase in demand with mid-income residences being the most popular. There are a number of reasons for this, including the region’s expected growth along with limited supply.
According to data from Colliers International Philippines, Cebu house and lot projects only have an inventory of 21,060 units with 410 hitting the market last year. Many Philippine homebuilders are tapping into ongoing infrastructure projects to ensure their developments are attractive to buyers.
“Cebu house and lot projects are doing very well. In fact, a lot of developers are wrapping up launches and really maximizing the available infrastructure that will be completed beyond 2022,” Joey Roi Bondoc, Colliers International Philippines Associate Director for Research, told SunStar. “The completion of the bridges, airports and bus rapid transit in Cebu will definitely anchor growth in the residential market.”