Mass housing developer 8990 Holdings Inc. is seeking to double its revenues by 2017 through ramping up the number of units it produces, the builder’s head told reporters Thursday.
In an interview with reporters Atencio, said the firm is seriously studying how to be able to double its revenues in 2017.
“We are actually trying to find a way to grow 100 percent in 2017,” 8990 Holdings Chief Executive Officer January Jesus Atencio said. “We are looking very hard, studying it very hard how we can double in 2017.”
Atencio noted that since the firm already has a “better feel” of its market in the National Capital Region, the firm could possibly divide its annual 20-percent revenue growth target into two, one for its NCR projects and one for the projects outside the capital.
“Now that we have a better feel of NCR, why not make the 20 percent growth that I promise the quota for the rest of the Philippines and do the same quota for NCR,” Atencio said.
Since 2013, the firm has set a target of annual revenue growth of 20 percent.
Atencio said for this year, the firm’s revenue guidance is at P12 billion, while its 2017 revenue is seen to hit P14 billion.
As the firm studies ways to split its revenue target into two, Atencio said if the plan works out, this would double its intended revenues for 2017 to P28 billion from P14 billion.
He noted that the P14 billion target for 2017 would only be applicable to the areas outside of NCR, while another P14 billion target will be set for Metro Manila.
“If I am able to do that, this year’s P12B becomes P28B next year,” Atencio explained.
To be able achieve the goal, Atencio noted that the firm needs to accelerate the number of units it produces annually.
“I am studying very hard how I can double the present output of 12k units to 25k units by next year,” Atencio said.
He emphasized that he is still “studying” how to accelerate the number of units the firm produces.
“I am studying it. I am not saying I will do it,” Atencio said.
The CEO said a factor that would help the firm achieve the said goal is the huge land bank it has been accumulating since 2013.
“I have the land bank I need to pull it off,” Atencio noted.
With a land bank of 500 hectares, Atencio said this could produce about 500 projects or 72,000 housing units.
Furthermore, Atencio noted that 8900 already has a number of projects lined up to be launched next year, such as the halfway housing project in Cubao and the affordable housing condominium project in Ortigas.
“We have many [projects]opening next year,” Atencio concluded.