8990 targets P165-B sales in 7 years

Published December 9, 2021, 3:26 PM

by James A. Loyola

Housing developer 8990 Holdings Inc. is projecting to generate P165 Billion in sales from 78,352 housing units in the next 7 to 10 years while expecting to hit P20 billion for this year alone.

According to 8990 Holdings President and CEO Anthony Vincent S. Sotto, this estimate is based on the company’s current landbank of 670.91 hectares worth P41.2 billion.

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In terms of appraised value, its land in Luzon is worth P30 billion followed by Visayas at P9.8 billion and Mindanao with P1.3 billion.

“While we continue to acquire land, it’s very encouraging to know that with just our current landbank we can expect to see sustainable growth for 8990,” Sotto said.

He added that, “Luzon is expected to bring in the most with P93 billion (in sales) followed by Visayas with P67 billion and Mindanao with P5 billion.”

To date, 8990 has already delivered a total of 81,700 units from 65 projects in more than a decade of operations. The roughly 324,000 residents in its various projects represent an 89 percent occupancy rate.

Its ongoing projects will deliver a total of 52,240 units with an estimated sales value of P95 billion once complete.

Of the total, 51 percent will come from Luzon, 38 percent from Visayas while Mindanao will deliver 10 percent of the total.

8990 President & CEO Anthony Vincent Sotto

“In its 17 years of existence, I’m proud to say 8990 really has shown its commitment to housing every single hard-working Filipino,” said Sotto.

He noted that, “When we looked at our demographic, it’s apparent that we also provide accessible housing to challenged demographic groups who are mostly single undergraduate females, living outside of metro cities, are sometimes overseas Filipino workers and earning below P55,000 a month. And this is made possible by our partnerships with institutions that make financing easier for our buyers.

In August of this year, 8990 started its end-buyer financing programs. Sotto said that its accreditation with BPI Family Savings Bank and Security Bank has really been encouraging.

“Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users. Half of them are actually 35 years old and below,” said Sotto.

He added that, “89 percent of our units are used as primary homes. Majority of our buyers or 64 percent earn an income of P55,000 a month.”

Further, as of the first nine months of the year, 8990 has a total unrealized sale of 1,680 units or P2.75 billion. Most unrealized sales will be recognized in the fourth quarter of the year for total sales of about P20 billion.

 
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