Khazanah Nasional Bhd will be making its foray into the Philippines via the acquisition of about eight percent in property developer, 8990 Holdings Inc, for about RM215 million.

In a statement here today, Khazanah said its special purpose vehicle, Pasir Salak Investments Ltd had signed a cornerstone investment agreement for the upcoming share offering of 8990 Holdings, which is listed on the Philippine Stock Exchange.

8990 Holdings is currently a leading developer within the under-served mass housing segment in the Philippines, having sold over 26,000 housing units from completed and on-going projects.

"Specialising in socialised housing and economic housing, 8990 Holdings caters for housing demand from the lower income population. The company has development projects throughout the Philippines, including projects in Cebu, Davao, Iloilo, Cavite and Pampanga," Khazanah said.

The government investment arm said 8990 Holdings is well-positioned to address the affordable-housing shortage in the Philippines via innovative solutions that meet lower-income market needs.

Khazanah said the Philippines has been one of the fastest-growing economies in the region with a real gross domestic product growth of 6.8 per cent in 2012 and 7.2 per cent in 2013.

"Growth and trade prospects are expected to further strengthen with the anticipated increase in political stability and security in the southern Philippines," it added.