8990 Holdings Inc. expects to generate P12 billion in sales from two projects it plans to launch in the third quarter of the year.
Anthony Vincent Sotto, 8990 president, told shareholders Monday the company is set to launch a 3,240-unit high-rise residential project on Commonwealth avenue in Quezon City, offering two- and three-bedroom units priced at P2 million to P2.5 million.
The company is building 4,027 townhouse units in a 29- hectare property in Pampanga.
“Both of these projects will bring P6 billion each in revenues once completed,” Sotto said.
The company expects to post revenues of P23 billion this year, up 15 percent from the P20 billion reported a year ago amid a good business performance of projects.
“We have proven a business model that has enabled us to maintain consistently high performance and provide attractive returns to our shareholders in any environment,” he said.
Sotto said 8990 is spending P10 billion to P11 billion this year as capital spending.
The company so far as dispersed P3 billion in the first half for construction. Another P1 billion was spent for landbanking purposes. – Ruelle Castro
