8990 Holdings allots R3-B capex for 2018
Top mass housing developer 8990 Holdings, Inc. is allotting R3 billion for capital expenditures next year as it aims to start developing projects that have suffered from regulatory delays.
In an interview, 8990 President Willie Uy said the biggest project which they hope to start selling and building next year will be its Ortigas Avenue Extension condominium complex as the firm hopes to get the necessary permits in the next 60 days.
Uy said they are also developing horizontal house-and-lot projects in Iloilo, Cebu and Davao. The two projects in Davao were originally slated to be launched this year but regulatory delays forced the firm to launch these next year instead.
However, Uy is more optimistic now about the process of securing permits since he noted that it is now “more predictable” and thus the company can include this in their planning for new projects.
Uy said the growth of the company’s revenues now depends on how fast they can secure permits to sell because they have already bought the land that they need and demand continues to be strong in the mass housing segment due to the huge backlog.
“Industry estimates that developers will not be able to meet demand until the year 2030,” said Uy.
Meanwhile, Uy said they are planning to build more vertical or condominium projects in Metro Manila including one in Cubao which is expected to sell briskly because of its location.