Housing developer 8990 Holdings Inc. expects to generate P155 billion in revenues over the next seven to eight years, a top executive said Monday.
Anthony Vincent Sotto, president and chief executive of 8990 Holdings, said in a virtual press briefing the company was in the process of unlocking the value of several properties nationwide as it continued to expand its landbank for future developments.
The company’s landholdings reached nearly 710 hectares, with the addition of properties acquired in Cebu and Leyte, as of end-March 2023.
Sotto said the Luzon landbank would account for the bulk of future revenues, with Luzon sales estimated to reach P98 billion, while Visayas and Mindanao were expected to contribute P67 billion and P6 billion, respectively.
Sotto said that in the coming years, 8990 Holdings could expect more revenues from Urban Deca Homes Banilad in Mandaue City, Cebu and the new Deca Homes Pampanga Phase 1 project as turnover schedules were met.
He said the company lined up new launches for 2023 including a five-story condominium project in Batangas, economic housing projects in Bacolod, Davao and Pampanga and several housing projects in Cebu.
Sotto said he remained confident about the prospects for this year, as the affordable housing business continued to recover from the effects of the COVID-19 pandemic.
He said with 2023 expected to be a good year despite the high inflation and high interest rate environment, 8990 Holdings could achieve another revenue milestone at the end of the year.
“With strong financials, a robust portfolio and a talented team, we are prepared to seize the opportunities that await us in 2023 and beyond,” Sotto said.
The company delivered 11,145 new homes in 2022, with the National Capital Region accounting for 39 percent of the total, followed by North Luzon with 23 percent, Davao with 16 percent and Iloilo/Bacolod with 12 percent.
The share price of 8990 Holdings rose 0.11 percent Monday to close at P9.26.