MANILA -- Property developer 8990 Holdings Inc. is optimistic of achieving its revenue target this year after delivering “very good” performance in the first half, as it gears up towards its revenue goal of PHP20 billion by 2020.
“(Our guidance this year is) PHP13.5 billion in revenues. This is within target and with the new projects coming up, it’s very reachable,” 8990 Holdings President and Chief Executive Willibaldo Uy told reporters Monday after the company’s stockholders’ meeting.
Uy said the company launched two weeks ago Urban Deca Homes Ortigas, and sold 636 units comprising about 70 percent of one building worth more than PHP1.2 billion.
Urban Deca Homes Ortigas is a four to five-year project consisting of 22 buildings on a 13-hectare property along Ortigas Avenue Extension in Pasig City.
Uy further said the company is targeting PHP20-billion revenues in 2020, with half of which will be coming from projects in Metro Manila as it also develops high-growth areas nationwide.
With the growing housing backlog in the country, estimated at 5.8 million to 6.1 million, he noted “the company is very much primed to benefit from this growing demand.”
8990 Holdings booked a 17-percent increase in net income in the first quarter of 2019 to PHP1.18 billion, as it delivered 2,204 housing units during the period. (PNA)
