8990 revenues in H1 nearly double to P6 B

Mass housing developer 8990 Holdings Inc. reported a 98 percent jump in housing revenues in the first half to P6 billion.

This surpassed 8990’s target of P5 billion for the period.

8990 president Willie Uy said the second quarter is traditionally slow.

“Historically, across the real estate sector, the second quarter is usually a slow quarter but we have seen that this is not the case for 8990 as we continue to bring in not only affordable but value for money products to market,” Uy said.

In the second quarter alone, revenues jumped 142 percent year on year to P3.5 billion.

During the six-month period, housing deliveries doubled to 4,159 units from 2,216 units a year ago.

By geographical location, Luzon accounted for 56 percent of the total units sold followed by Visayas, which accounted for 30 percent. Mindanao, meanwhile, sold 14 percent of the total.

At present, 8990 has at least three existing projects in Metro Manila. Its first high rise building is the 42-story Urban Deca Tower Edsa, which was already fully sold and completed within 21 months after it was launched.

Another project is Urban Deca Homes Campville in Muntinlupa City with 1,024 units.

Meanwhile, the company is also spending P8 billion through 2020 on Urban Deca Homes Manila in Tondo, Manila. Upon completion, its Tondo project will deliver some 13,000 units valued at P20 billion.

In 2018 alone, Urban Deca Homes is expected to generate P4 billion in sales.

Another project that is soon to rise is Urban Deca Homes Ortigas, which will bring in much needed affordable homebuying opportunities for especially to young professionals and those starting families.

The development is located within a 13-hectare property along Ortigas Avenue Extension and will roll out 22 buildings that will bring in a little over 19,000 homes upon completion.

8990 has a pipeline of P38 billion worth of projects including the P35 billion Ortigas project and a P3 billion project in Leganes, Iloilo.

It has a land bank of 510 hectares across Luzon, Visayas and Mindanao with potential sales of P152 billion.