• 8990 Holdings to launch projects

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    Mass housing developer 8990 Holdings Inc. is set to launch eight housing projects this year, mostly in the horizontal housing format.

    8990 Holdings President Januario Jesus Gregorio Atencio 3rd said they have lined up eight housing projects this year totaling 14,010 residential units on 79.4 hectares of land.

    Atencio said this is in line with the company’s expansion plan to launch over 10,000 housing units yearly.

    Five of the eight project launches this year are horizontal, while two are medium-rise buildings and one is a high-rise condominium project. Three of the project launches are in Davao while the rest will be in the National Capital Region, Cavite, Cebu, and Rizal.

    Atencio said the company launched 12 projects in 2014 amounting to 11,574 units, 43 percent of which has already been sold as of mid-December last year.

    The 12 projects last year consisted mostly of horizontal projects, with one medium-rise residential tower and one high-rise residential tower. Three of the 12 projects in 2014 were launched in December, just before the close of the year.

    8990 Holdings plans to raise P5 billion in fresh funds through a corporate retail bond issue in the first half of the year to finance its eighth planned project launches in 2015.

    The firm said that as of end-2014, it was nearing its targeted 500 hectares of land bank, worth an estimated P25 billion in residential projects. To date, it already has 338 hectares of land bank amounting to 89,850 units.

    The company has set a 2014 net income target of P3 billion to P3.2 billion, a 40-percent increase from the previous year, while full-year revenue is expected to increase by 60 percent to P7.8 billion from P5.4 billion in 2013.

    Over a five-year span, 8990 Holdings is set to complete 18 projects that should generate some P66 billion in revenues.

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