8990 Holdings bares P16.5-B worth of housing projects
Rising demand for affordable housing in the country has allowed us to sustain our revenue growth
Property Developer 8990 Holdings Inc. is set to launch three new housing projects outside Metro Manila this year as it targets revenues worth P20 billion by 2020.
In a recent interview, 8990 Holdings Inc. president and CEO Willie J. Uy said the housing projects are located in Meycauyan, Bulacan; Talomo, Davao City; and Leganes, Iloilo. The projects offer a combined 10,300 housing units with an estimated sales value of P16.5 billion.
The project in Bulacan involves 5,000 units estimated to generate P8 billion in sales. The Davao project requires 3,200 units translating to P4 billion in sales while the Iloilo site is expected to yield P4.5 billion in sales from 2,100 units. “Our guidance this year is P13.5 billion in revenues. This is within target and with the new projects coming up, it’s very reachable. I think we will even surpass that based on our sales tempo. It’s really doing well,” Uy said.
“Rising demand for affordable housing in the country has allowed us to sustain our revenue growth,” he quickly added.
Uy also said their projects in the provinces have continued to sell very well even during the rainy months of July and August.
For the first half of the year, 8990’s total revenue grew by 17 percent year-on-year to P7.01 billion from P6 billion in the previous year.
Its total housing unit sales improved by 19 percent, having sold 4,934 units to date. Sales reservations also improved 28 percent yearon-year to 5,785 units from 4,535 units in the January to June period.
Currently, high-rise buildings account for 42 percent of the company’s total revenues. Horizontal projects account for 35 percent while the remaining 23 percent covers the developer’s medium-rise building projects.
In terms of location, 67 percent of the company’s profits are sourced from Luzon, 23 percent from the Visayas, and 10 percent from Mindanao.