Mass housing developer 8990 Holdings Inc. said Thursday first-half net income rose 18 percent to P2.82 billion from P2.39 billion year-on-year on sustained strong demand for its affordable housing units.

8990 Holdings said in a disclosure to the stock exchange six-month consolidated revenues also climbed 17 percent to P7 billion on increased sales from the capital region, Iloilo and Bulacan.

The property firm said total housing units delivered reached 4,934 units during the first half of the year, up 19 percent year-on-year.

Sales from high-rise buildings contributed 42 percent to the total revenues, followed by horizontal projects, which accounted for 35 percent.

On a regional basis, 67 percent came from Luzon, 23 percent from Visayas and 10 percent from Mindanao.

“Rising demand for affordable housing in the country has allowed us to sustain our revenue growth in the first half of 2019. We are very confident of meeting our P13.5-billion target for the year,” 8990 Holdings president and chief executive Willibaldo Uy said.

Sales reservations increased 28 percent on year to 5,785 units from 4,535 units in the first half of 2018.

Unrealized sales during the period amounted to P1.32 billion, which the company expects to recognize toward the end of 2019.

The company in July launched its largest Metro Manila project to-date, Urban Deca Homes Ortigas, located along Ortigas Avenue Extension. It has sold more than P1.2 billion worth of residential condominium units so far. It will offer 19,046 condo units once completed.

The company’s land bank as of end June stands at 712 hectares.

“Our landbank will ensure the growth of our company in the next 8 to 10 years and would potentially bring in P154 billion. This is still a conservative estimate of our future sales as it does not factor in the future sales of our opportunistic purchase of Monterrazas in Cebu,” Uy said.

Uy earlier reported the company’s plans to spend P1 billion to acquire a 180- to 200-hectare property in Pampanga.

The property will be developed into mass housing projects similar to Urban Deco Homes Tondo and Urban Deca Homes Ortigas.

Reference Link: Manila Standard