8990 posts record revenues on strong housing demand

Mass housing developer 8990 Holdings Inc. on Wednesday mentioned its revenues grew 40 % to a report P20 billion in 2021 from the earlier yr’s P14.23 billion on robust demand for its residential models.

“These outcomes mirror the robust demand for reasonably priced housing, the optimism of our patrons within the economic system and their confidence within the stability of their future income streams,” 8990 President and CEO Anthony Vincent Sotto mentioned.

Sotto mentioned the corporate “defied all odds” final yr, such because the challenges introduced on by the lingering pandemic and a hurricane that struck one in all its key markets within the Visayas area.

The developer’s outcomes are additionally about 30 % greater than the pre-pandemic 2019 revenues of P15.4 billion.

The corporate didn’t state its web earnings for the yr.

For the complete yr, 8990 delivered 11,564 residential models to primarily native first-time patrons.

When it comes to precise values the corporate registered a 41 % and 59 % break up between their vertical and horizontal developments.

When it comes to the variety of models, mass housing or horizontal initiatives delivered 55 % of whole houses delivered for the yr versus the 45 % introduced in by vertical initiatives.

For this yr, the corporate mentioned it targets to have some P23 billion in revenues, or 15 % greater than final yr’s gross sales.

The corporate mentioned its large land financial institution of 729.05 hectares positioned in strategic areas nationwide is greater than able to delivering the projected income progress for the yr.

The corporate hopes to achieve a complete of P164 billion in gross sales for the subsequent seven to eight years.

Sotto mentioned the corporate acts quick in occasions of emergency, reminiscent of when hurricane Odette hit the Visayas area final December 16 and brought about main injury in a number of provinces.

He mentioned 8990’s property directors reported that solely lower than 10 % of the corporate’s constructed constructions have been affected.

“At 8990, we’re happy with our group’s quick response to the tremendous hurricane, to constantly implement measures that can shield our shoppers’ greatest life funding: their dwelling.”