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Housing developer 8990 holdings is biggest Pag-IBIG user

/ 05:56 AM February 13, 2018

Mass housing champion 8990 Holdings is the country’s top property developer in terms of takeout value from the state-run Home Development Mutual Fund or Pag-IBIG.

8990 Holdings’ total Pag-IBIG loan takeout, referring to individual members’ home financing taken over by the housing agency, amounted to P5.52 billion last year, translating to a 116-percent growth.

Pag-IBIG recently awarded the country’s top housing developers in formal ceremonies at the Philippine International Convention Center.

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8990 Holdings bagged two special awards from Pag-IBIG for 2017: the real estate company with the highest growth rate in terms of takeout value; and, the company that served the most number of Pag-IBIG members.

In a recent disclosure, 8990 president and chief executive Willie Uy said: “I am very grateful to all our buyers for the trust they have shown us over the years. The recognition we received would not have been possible had it not been for them and the support of the HDMF.”

“The affordable housing industry is very fortunate to be partnered with HDMF. It is with this partnership that makes it possible to bridge the housing gap by making home financing very accessible to every working Filipino,” Uy said.

The company’s Pag-IBIG loan takeout last year represented about half of its business. 8990 Holdings’ revenues last year amounted to P10.09 billion, in line with its full-year target.

8990 Holdings reported that strong fourth quarter business reversed the negative growth trajectory seen during the first three quarters of the year.

Unaudited October to December revenues almost doubled year-on-year to P3.96 billion, with major contributions from Iloilo, North Luzon and Cebu.

In 2017, 8990 Holdings delivered a total of 7,348 homes. Luzon contributed 54 percent of the total units delivered while Visayas and Mindanao took up 34 percent and 12 percent, respectively.

In terms of value, Luzon generated 58 percent of total revenues last year, followed by Visayas with 33 percent and Mindanao with 9 percent. The contribution of medium-rise buildings and high-rise buildings to housing revenue increased to 47 percent from last year’s 26 percent.

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This year, 8990 Holdings plans to launch across the country five developments worth P60 billion. —DORIS DUMLAO-ABADILLA

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TAGS: 8990 Holdings, Business, News, Pag-IBIG
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