Realtor 8990 Holdings Inc. is looking to spend as much as P8 billion this year to further expand its business.
Anthony Vincent Sotto, 8990 president, said the capex will be used for new projects being launched this year which will contribute to the company’s target revenues in the succeeding years.
Roan Torregoza, 8990 chief finance officer, said the company expects to generate revenues of P24 billion this year, much of which will depend on the receivables it can transfer to Pag-IBIG (Home Development Mutual) Fund.
So far the company has facilitated a P6-billion takeout by the Pag-IBIG as of the first half, according to Torregoza.
The Pag-IBIG takeout will also fund the company’s capex spending, according to Torregoza.
Sotto said 8990 is launching this year four major projects – Deca Homes in Batangas, Deca Homes Guadalupe, The Rice at Monterrazas in Cebu, and the second phase of Monterrazas Prime.
Sotto expressed optimism the housing market will take flight this year as the government prioritizes housing.
Sotto said 8990 may realize revenues worth P155 billion in the next eight years.
