8990 eyes 9 new projects this year

Listed mass-housing developer 8990 Holdings Inc. is set to launch nine projects mostly in the Visayas and Mindanao to beef up its inventory of housing units.

In addition to the new projects, the 10 ongoing projects will provide a total of 19 projects equivalent to 11,083 housing units for a total gross value of P10 billion this year.

8990 Holdings president and chief executive officer Januario Jesus Atencio said, “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.”

The nine projects situated in Muntinlupa, Cavite, Cebu, Iloilo and Davao would deliver 4,486 housing units with a value of P4 billion this year.

8990’s newest brand, Urban Deca Homes Campville, is a medium-rise project in Muntinlupa City that would deliver 488 units worth P414 million this year while the Deca Homes Tanza in Cavite would yield 594 units worth P267 million.

The economic and socialized housing units in Deca Homes Guadalupe in Cebu would deliver a combined total of 408 units worth P442 million while the Deca Homes Talisay 3, Cebu would 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 will 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 consist of 906 units worth P955 million.

In addition to the new projects, the 10 ongoing projects of 8990 including 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 provide an additional 6,598 units worth P6.1 billion.

8990 sees revenues growing between 23 percent and 28 percent to a range of P9.6 billion to P10 billion this year 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.

8990 booked a three percent increase in gross sales to P2 billion in the first quarter of the year from P1.94 billion in the same period last year.

Total revenues from housing operations went up seven percent to P2.26 billion in the first three months of the year from P2.11 billion in the same period, on the back of the 18 percent increase in sales reservations and four percent rise in revenues from real estate operations.

During the first quarter, operating expenses of 8990 jumped 21 percent to P367 million from January to March this year from P302 million due to the one-time payment of taxes brought about by the sale of hotel buildings in Boracay and Baguio City to affiliate Azalea Leisure and Resorts Corp. (ALRC).

This translated to a net income of P937 million in the first quarter from P933 million in the same period last year. Without the one-time tax payment, the net income of 8990 would have increased by three percent to P1 billion.

8990 sees its net income growing between 15 percent and 21 percent to a range of P3.8 billion to P4 billion from P3.3 billion last year.