8990 Holdings sets P14.5-B housing projects in H2

Published August 21, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Mass housing developer 8990 Holdings, Inc. is launching P14.5 billion worth of new projects nationwide in the second semester of the year due to unexpected strong demand for its products.

“Everything has been moving up lately. And Manila, Metro Manila is one evidence that we can hit our targets and even surpass it. And, in the past few weeks, sales have gone up,” said 8990 President Willie Uy.

He noted that, July and August are usually slow months because of the rains, “but now we get surprised when we get sales of 15 to 25 units per selling day.” Uy added that the firm is seeing strong sales not just in Metro Manila but nationwide.

“Even our provincial sales are good. GenSan, which is usually at the tail-end, has been showing very good sales,” he added.

For the second semester, Uy said they will be launching three new projects: Meycauayan in Bulacan, Talomo in Davao City, and Leganes in Iloilo City.

He noted that Iloilo is a good market and sales have been strong. “We keep on pushing, advancing our schedule because it keeps getting sold out. It seems there is a lot of money in Iloilo,” said Uy.

The new project in Bulacan is seen to generate total sales of P8 billion from about 5,000 units, while the Davao project will gross P4 billion from 3,200 units, and the Iloilo project will have a total sales value of P2.5 billion from 2,100 units.

The firm posted an 18 percent growth in net income to P2.82 billion in the first semester of 2019 from the P2.39 billion earned in the same period last year.

Uy said “the company’s sustained bottom-line growth is being driven by its flagship project, Urban Deca Homes Manila with total units sold equivalent to around two buildings.”

Total revenues for the first six months of 2019 increased by 17 percent to P7.01 billion from P6.0 billion in the same period last year. Total housing units delivered increased 19 percent year on year to 4,934 units.

The firm said 42 percent of revenues came from sale of high-rise buildings, 23 percent from medium-rise buildings, and 35 percent from horizontal projects. On a regional basis, 67 percent came from Luzon, 23 percent from Visayas and 10 percent from Mindanao.