8990 Holdings to launch P60-B projects next year

MANILA – Listed mass housing developer 8990 Holdings Inc. will introduce to the market next year five projects worth PHP60 billion, to boost its revenue target of PHP14 billion after posting strong growth this year.

Company Chief Operating Officer Willie Uy said these projects are located in Davao, Iloilo, Cebu and Ortigas Extension.

Chairman Mariano Martinez said the market is growing due to housing backlog, which was estimated at five million.

“That’s the biggest factor as to why our market has never waned because of that,” he said.

Martinez is optimistic about achieving its revenue target of at least PHP10 billion this year on strong housing demand in all its housing projects across the country.

“That’s our target and we are very close to that already,” he said.

The company’s revenues for the first nine months reached PHP6.1 billion.

Meanwhile, 8990 Holdings on Friday held a bell ringing ceremony at the Philippine Stock Exchange (PSE) to list its Series “A” perpetual preferred shares.

It raised PHP5 billion from the preferred shares issuance, proceeds of the sale would be used to pay off debts. (PNA)