MANILA – Mass housing developer 8990 Holdings Inc. said it will be launching nine projects mostly in the Visayas and Mindanao this year to increase its inventory of housing units.
The new projects, which are located in Muntinlupa, Cavite, Cebu, Iloilo and Davao, are expected to deliver an additional 4,486 housing units.
The new housing projects have an estimated value of P4 billion.
8990 also has 10 projects currently under construction. In total, 8990 expects to provide 11,083 housing units for a total gross value of P10 billion this year.
“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,” 8990 Holdings president and chief executive officer Januario Jesus Atencio said in a statement.
8990 said its newest brand, Urban Deca Homes Campville, is expected to deliver 488 units worth P414 million this year. Urban Deca Homes Campville is a medium-rise building project in Muntinlupa City.
The firm’s Cavite project, Deca Homes Tanza, is seen to yield 594 units worth P267 million.
The socialized housing units in Deca Homes Guadalupe in Cebu, meanwhile, 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 will undertake three projects—the Deca Homes Resort Residences Prime, Deca Homes Resort Residences Commercial Phase 11, and Deca Homes Catalunan Grande.
The three projects will deliver 906 units worth P955 million.
In the first quarter of 2015, 8990 said its net income was flat at P937 million, from P933 million in the same period last year. Without the one-time tax payment, the net income of 8990 would have increased by 3 percent to P1 billion.
8990 is projecting a net income growth of between 15 percent and 21 percent to a range of P3.8 billion to P4 billion in 2015 from the P3.3 billion last year.
8990 said it expects revenues to grow 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 will come from Luzon, 32 percent from Visayas, and 27 percent from Mindanao.