Leading mass housing developer 8990 Holdings Inc. plans to bring to the property market P10 billion worth of new housing units this year, mostly in the Visayas and Mindanao.
The new housing inventory will come from nine new projects and 10 ongoing projects that will provide a total of 11,083 housing units from 8990 this year, company president Januario Jesus Atencio said in a statement on Thursday.
“The company is on track to meet its targets this year, given the combined revenue expected from the 19 projects and the high demand for quality and affordable housing that the company caters to,” Atencio said.
The nine projects to be launched this year are in Muntinlupa, Cavite, Cebu, Iloilo and Davao, which will deliver a combined 4,486 housing units with a value of P4 billion this year, he said.
8990’s newest brand, Urban Deca Homes Campville, is a medium-rise building project in Muntinlupa City that will deliver 488 units worth P414 million this year while the Deca Homes Tanza in Cavite will yield 594 units worth P267 million.
The economic and socialized housing units in Deca Homes Guadalupe in Cebu will deliver a combined total of 408 units worth P442 million while the Deca Homes Talisay 3 also in Cebu will beef up its inventory by 410 units worth P390 million.
Its lone project in Iloilo is expected to yield the biggest number of housing units with 1,680 worth P1.51 billion.
In Davao, 8990 has committed to undertake three projects including the Deca Homes Resort Residences Prime, Deca Homes Resort Residences Commercial Phase 11, and Deca Homes Catalunan Grande. The three projects will produce 906 units worth P955 million.
In addition to the new projects, the 10 ongoing projects of 8990 are the Deca Clark Resort Residences (socialized housing), Deca Clark Resort Residences (economic housing), and Deca Clark Resort Residences (single-attached) in Angeles, Pampanga; the Bella Vista (townhomes), Bella Vista (single attached), and Marseilles in Cavite; the Urban Deca Homes Tipolo and Urban Deca Homes Tisa in Cebu; as well as the Deca Homes Resort Residences 9 and Deca Homes Indangan in Davao would provide an additional 6,598 units worth P6.1 billion.
8990 sees revenues growing this year by between 23 percent and 28 percent to a range of P9.6 billion to P10 billion from P7.8 billion last year. Of the projected revenues this year, 8990 said 42 percent would come from Luzon followed by the Visayas with 32 percent, and Mindanao with 27 percent.
Net income this year is seen growing by between 15 percent and 21 percent to a range of P3.8 billion to P4 billion from P3.3 billion last year.