Housing developer 8990 Holdings, Inc. reported a 41 percent hike in gross revenues to a record P20 billion last year from the P14.2 billion generated in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said the milestone was achieved despite the twin challenges brought on by the lingering pandemic and the super typhoon that damaged one of its key markets: the Visayas region.

According to 8990 President & CEO Anthony Vincent Sotto, these results “reflect the strong demand for affordable housing, the optimism of our buyers in the economy and their confidence in the stability of their future revenue streams.”

The developer’s results are also about 30 perent higher than the pre-pandemic revenues of P15.4 billion in 2019, thus suggesting that 8990’s key market of mainly first-time homebuyers is well on the way to recovery.

For the full year, 8990 delivered 11,564 more homes to Filipino buyers. In terms of actual values the company registered a 41 percent-59 percent split between their vertical (condominium) and horizontal developments.

However, in terms of the number of units, mass housing or horizontal projects delivered 55 percent of total homes delivered for the year versus the 45 percent brought in by vertical projects.

Based on its strong in 2021, 8990 is targeting to hit another record of P23 billion in gross revenues for 2022. The sales target represents a double-digit 15 percent increase over the unaudited gross revenues of P20 Billion in 2021.

The company said it believes that its big land bank of 729.05 hectares located in strategic areas nationwide is more than capable of delivering the projected revenue growth for the year.

This will bolster its ultimate goal to register P164 billion in sales for the next seven to eight years.

While 8990 looks ahead, Sotto maintained that it also acts fast in the present times. Sotto recounted that when super typhoon Odette hit the Visayas region last December 16 and caused major damage in several provinces, 8990’s property administrators went into high gear.

They reported that only less than 10 percent of the company’s built structures were affected. Nevertheless, once the weather improved, 8990 immediately assessed and repaired any damages.

“At 8990, we are proud of our team’s fast response to the super typhoon, to continuously implement measures that will protect our clients’ biggest life investment: their home,” Sotto said.