8990 sees R4-B sales from Tondo project

Mass housing developer 8990 Holdings, Inc. reported that its vertical housing brand Urban Deca Homes expects to generate R4 billion in sales from its project in Tondo, Manila this year.

Its largest development to date, 8990 plans to spend R8 billion through 2020 to put up the 13-building project within an 8.4-hectare property in Tondo, Manila.

When completed, 8990 will deliver some 13,000 units to the Manila with an estimated value of R20 billion. To-date, sales reservations are nearing 2,000 units with a total of 3,200 units expected to be delivered before the end of the year.

In the first quarter of 2018, revenues were nearing R1 billion. This trend will continue as strong demand continues to grow.

“Once our buyers saw that buildings are already nearing completion, we noticed a significant jump in our sales,” said 8990 President Willie J. Uy.

He added that, “we are certain we will see this trend continue as we roll out more units to meet the strong demand for housing in the Tondo area.”

Eight buildings are on the rise. In addition to the four buildings that will be completed in 2018, another four are set to be finished by the first half of 2019.

This project creates an ongoing and consistent revenue and profit stream for 8990 Holdings.

Publicly listed on the Philippine Stock Exchange since 2014, 8990 Holdings, Inc. – trading under the symbol HOUSE – the company strives to be an admired industry leader in delivering its customers high value for their property purchase and its shareholders a profitable return on their investment. (JAL)