8990 Holdings goes ultra-luxury

Mass housing developer 8990 Holdings is now betting big on ultra-luxury real estate, even as its hillside development has faced backlash over a massive flood in Cebu.

“The natural progression of developers starts with mass housing. And then they realized… It’s hard to earn money here,” said Bong Sotto, president and CEO of the recently delisted 8990 Holdings.

“So, they moved up to a certain level of pricing. Until they really reach the ultra luxury,” Sotto told reporters at a recent interview.

Currently, the group already has premium developments — Monterrazas Prime, The Rise at Monterrazas and Montelago in Cebu; the Nila Residences in Metro Manila.

For The Rise at Monterrazas alone, the price points range from P75 million to P133 million as of early 2025.

The projects are under The Mont Property Group, a subsidiary of 8990 Holdings.

Sotto said that pursuing high-end projects was not in the immediate plan of the company. He described the acquisition of Monterrazas as “an opportunistic thing.”

“But it was in Cebu where our principal also came from. It was a very hard thing to reject,” he said.

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However, the firm saw a public uproar in late 2025 after parts of the province were submerged in flood waters. Some residents blamed the Monterrazas de Cebu development.

Meanwhile, 8990 Holdings remained optimistic about the growth prospects of the ultra-high-end property segment.

“So far, I think we’ve matched all of our incoming projects. Everything is being funded either by our own excess funds or the banks,” he said.