MASS housing developer 8990 Holdings, Inc. is targeting gross revenues of P11.5 billion this year as more projects are expected to come online.

“We’re looking at least at P11.5 billion target gross revenue for 2018,” 8990 President and Chief Executive Officer Willibaldo Uy told a news conference in Makati City on Friday, adding that net profit is expected to exceed P4 billion annually.

This year, 8990 Holdings is poised to launch P60 billion worth of projects across the country to boost revenue growth. Of these, about P8 billion worth of projects is already being developed.

The new developments are located in Davao, Iloilo, Cebu, and its largest project, a 22-tower residential development called Ortigas Extension in Pasig City.

“We’re looking at starting our biggest project—which is the Ortigas Extension. We just got our permits two weeks ago and we hope to start it in the second half of the year,” Uy said.

Ortigas Extension is a P14-billion development that will rise on a 13-hectare land bank in Pasig City. Each building will have 13 to 15 stories. A total of 19,000 residential units will come online when the project is completed, with a minimum size of 30.6 square meters (sqm). The minimum price is at P1.8 million per unit.

Similar to its Urban Deca Homes-Tondo project, Ortigas Extension will also feature a mall.

8990 saw its net income for the first three months of the year grow 37 percent to P1 billion versus the P736 million booked in the same period last year. Gross revenues grew 57 percent to P2.5 billion on strong revenues coming from various projects nationwide. 8990 was able to deliver a total of 1,786 homes.

For 2017, the developer reported net income of P4.14 billion on gross revenues of P11.78 billion.

Reference Link: The Manila Times