8990 launching P12-B projects, sets P11-B capex

Leading mass housing developer 8990 Holdings Inc., is planning to launch within the second half of this year two projects that will generate a total of P12 billion in revenues.

During the firm’s annual stockholders’ meeting, 8990 President Anthony Vincent Sotto said “Both of these projects will bring in P6 billion each in revenues once completed.” Sotto said 8990 will soon be launching a 3,240-unit high-rise residential project along Commonwealth Avenue in Quezon City. It will be comprised of four towers.

The project will have studio units s well as two- and three-bedroom units for sale at around P2 million to P2.5 million per unit.

The company is also planning to launch and build a new project on a 29 hectare property which will offer 4,027 townhouse units.

Sotto said 8990 is expected to post record revenues to P23 billion this year, up 15 percent from the P20 billion generated last year ago due to the strong performance of the company’s residential projects.

“We have proven a business model that has enabled us to maintain consistently high performance and provide attractive returns to our shareholders in any environment,” he said.

Sotto said 8990 is allotting P10 billion to P11 billion for capital expenditures this year, higher than the P8 billion it spent in 2021.

The company so far as dispersed P3 billion in the first half for construction while another P1 billion was spent for landbanking purposes.