8990 Holdings Inc. expects cumulative sales in the next seven to 10 years to hit P165 billion.
Anthony Vincent Sotto, 8990 Holdings president, said of the amount, Luzon is expected to bring the most with P93 billion; followed by Visayas, P67 billion and; Mindanao, P5 billion.
Sotto said the sales projection is based on the company’s current 670.91 hectares of landbank, which has an appraised value P41.2 billion.
Luzon is valued at P30 billion followed by Visayas; P9.8 billion and; Mindanao, P1.3 billion.
“While we continue to acquire landbank, it’s very encouraging to know that with just our current landbank we can expect to see sustainable growth for 8990,” he added.
To date, 8990 has delivered a total of 81,700 units from 65 projects in more than a decade of operations. The roughly 324,000 residents in its various projects represent an 89 percent occupancy rate.
“As of the first nine months, 8990’s ongoing projects will deliver a total of 52,240 units with an estimated sale of P95 billion once completed. Of the total, 51 percent will come from Luzon, 38 percent from Visayas while Mindanao will deliver 10 percent of the total,” Sotto said.
“It’s apparent that we also provide accessible housing to challenged demographic groups who are mostly single undergraduate females, living outside of metro cities, are sometimes overseas Filipino workers and earning below P55,000 a month. And this is made possible by our partnerships with institutions that make financing easier for our buyers,” said Sotto.
Sotto said since 2016, the company has been able to successfully migrate P17.7 billion to the Home Development Mutual Fund or the Pag-IBIG Fund.
Sale of receivables “without recourse” – or those where Pan-IBIG assumes the risk – sold to financial institutions were at P28.2 billion between 2016 and September 2021.
8990 Holdings is poised to hit P20 billion in revenues by the end of the year.
For the first nine months of the year, reservation sales were at P2.75 billion, equivalent to 1,680 units.
“Most unrealized sales will be recognized in the fourth quarter of the year,” the company said. – Ruelle Castro
