8990 targets P165 billion sales in 7 to 10 years

MANILA, Philippines — 8990 Holdings Inc., the listed mass housing developer, is projecting P165 billion in sales in the next seven to 10 years.

8990 president and CEO Anthony Vincent  Sotto said the company’s current land bank of 670.91 hectares, currently appraised at P41.2 billion, would  drive growth.

“While we continue to acquire land bank, it’s very encouraging to know that with just our current land bank we can expect to see sustainable growth for 8990 as we project an estimated P165 billion in sales. Luzon is expected to bring the most with P93 billion followed by Visayas with P67 billion and Mindanao with P5 billion,” Sotto said.

To date, 8990 has already delivered a total of 81,700 units from 65 projects in more than a decade of operations.

Since 2016, the company has been able to successfully migrate P17.7 billion to the Home Development Mutual Fund (HDMF).

The company is poised to hit P20 billion by the end of the year.

“89 percent of our units are used as primary homes. Majority of our buyers or 64 percent earn P55,000 a month,” he said.

As of the nine months to September, 8990 had total unrealized sales of 1,680 units or P2.75 billion.

Most unrealized sales will be recognized in the fourth quarter of the year.