By James A. Loyola
Top affordable housing developer 8990 Holdings, Inc. reported that it breached its 2017 full-year revenue target of P10 billion as its unaudited revenue last year amounted to P10.09 billion.
In a disclosure to the Philippine Stock Exchange, the firm said its strong fourth quarter performance was able to reverse the negative growth trajectory seen during the first nine months of the year.
Unaudited fourth quarter revenues almost doubled from to P3.96 billion year-on-year with major contributions from its projects in Iloilo, North Luzon and Cebu.
In 2017, 8990 Holdings delivered a total of 7,348 homes. Luzon contributed 54 percent of the total units delivered while Visayas and Mindanao brought in 34 percent and 12 percent, respectively.
In terms of value, Luzon generated 58 percent followed by Visayas with 33 percent and Mindanao with 9 percent.
Contribution of Medium Rise Buildings (MRB) and High-Rise Buildings (HRB) to housing revenue increased from last year’s 26 percent to 47 percent.
According to 8990 President Willie J. Uy, “2018 will be even more exciting for us as we will launch more large-scale projects that will make 8990 poised to capture the Metro Manila affordable housing market.”
The company said it plans to launch five developments worth R60 billion across the country this year, expanding its geographically diversified real estate portfolio.