8990 keeps profit target
Mass housing developer 8990 Holdings Inc. said it expects to hit net income and sales targets this year despite the delay in three projects.
8990 Holdings president Januario Jesus Atencio said in an interview the company was still keeping its P12-billion sales and P4.8-billion net income targets for 2016.
Atencio said the company would just be able to launch 11 projects this year, instead of 14 as originally planned, because the company failed to secure necessary permits to enable it to start selling the projects.
Atencio, however, said the shortfall from the delay in launching the three projects could be covered by the robust sales of existing projects, including Deca Tower Edsa which would be finished a year ahead of schedule.
“We still have a shot at making our guidance because we have some projects we did not expect this year to contribute to revenues but they will be because they are ahead of schedule,” Atencio said.
The mass housing developer plans to launch five projects in 2017, mostly in Metro Manila.
“Next year will be the year when 8990 Holdings becomes a force to reckon with in NCR condominium development because we will be offering condominiums in NCR at low cost housing prices,” Atencio said.
These condominium projects, priced at P1.7 million and below, are located in Cubao, Ortigas Avenue Extension and Las Piñas.
Units sizes of these condominium units range from 25 to 42 square meters.
The company expects 50 percent of revenues to come from Metro Manila starting 2017. At present, 20 percent of 8990 Holdings’ revenues are from Metro Manila projects.
8990 Holdings also plans to break ground in its mall projects in Tondo and Ortigas Ave. Extension next year.
The Tondo project will have 10,000 square meters of leasable area while the Ortigas Ave. Extension project will have 30,000 square meters.