Property firm 8990 Holdings Inc. said it expects capital expenditures (capex) to hit P12 billion this year.
The company also said it expects bottomline to reach P8 billion on revenues of P20 billion this year.
Mariano Martinez, 8990 chairman, said the capex will primarily be used for ongoing projects and land development, funded by the securitization of receivables from units sold on installment.
8990 currently has P22 billion in receivables.
Martinez said the company is looking at generating P16 billion more in receivables this year which will then be securitized anew to generate cash.
A large portion of the receivables will be from the sale of units in the P40-billion Urban Deca Homes Ortigas which will have 22 buildings and a total inventory of 19,046 two- and three-bedroom units.
The topping off ceremonies on the project were held yesterday.
Urban Deca Homes Ortigas is 8990’s largest urban home project in Metro Manila. It is aimed at young professionals and those starting families.
The development is located within a 13-hectare property on Ortigas avenue extension. Four buildings will be turned over to buyers this year and six to 8 buildings are set to be completed next year.
Martinez said the company will start the development of two condominiums in Quezon City this year, one on Commonwealth avenue and another in Cubao near Farmers’ Market.
