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8990 sees doubling of revenue in ’17

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8990 sees doubling of revenue in ’17

/ 01:52 AM October 03, 2016

Mass housing developer 8990 Holdings expects to emerge as a “force to reckon with” in Metro Manila’s residential property condominium in 2017 with a pipeline of affordable housing projects in key locations in the National Capital Region (NCR).

The mass housing developer can sell P10 billion worth of residential units in the NCR alone next year, particularly from township projects in Ortigas and Tondo which can bring to the property market 35,000 units in new inventory, 8990 Holdings president Januario Jesus Gregorio Atencio III said.

Atencio said: “2017 will be known as the year when 8990 Deca Homes comes into NCR in a big way.”

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With 8990 Holdings’ projects in the NCR, Atencio said the company might set a revenue guidance of P24 billion next year, twice this year’s expected level. Net profit margin is seen at 40 percent.

The actual launch of other projects in Metro Manila will depend on the issuance of required permits but the group is ready to ground break any time, Atencio said.

8990 Holdings is also pursuing residential projects in Commonwealth, Quezon City, Las Piñas and Cubao.

Two of 8990 Holdings’ projects—in Mandaluyong and Cubao—offer “halfway” houses to urban workers.

Atencio said 8990 Holdings’ other projects would cater to those seeking primary housing units and not just halfway houses.

The company said certain operational constraints remained the key challenges to its operations, such as delays in the processing of permits.

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TAGS: 8990 Holdings, Januario Jesus Gregorio Atencio III, mass housing, operational constraints, property, Real Estate
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