Mass housing developer 8990 Holdings is seen on track to deliver at least P5 billion in net profit this year after posting an 18-percent net income growth in the first semester. Based on the company’s net margin target of 37.5 percent and the projected revenues of P13.5 billion, full-year net profit will reach P5.06 billion, up by 8.35 percent from the bottom line last year. In the first semester, 8990 Holdings posted P2.82 billion in net profit compared to P2.39 billion the previous year. The growth was driven by higher revenues unlocked from its flagship project, Urban Deca Homes (UDH) Manila, a 13-tower residential complex in Tondo, Manila.
Leading mass housing developer 8990 Holdings grew net profit in the first quarter by 17 percent year-on-year to P1.18 billion as residential condominium projects in Metro Manila started to contribute significantly to total revenues. Revenues grew by 20 percent year-on-year in the first three months to P3.01 billion as the company delivered a total of 2,204 housing units, 23 percent higher than the units delivered in the previous period last year. Net profit margin was at 39 percent, well above the company’s guidance of 37.5 percent
MANILA, Philippines – Leading mass housing developer 8990 Holdings grew its net profit in the first quarter by 17 percent year-on-year to P1.18 billion as its residential condominium projects in Metro Manila started to contribute a big bulk of the revenues. Revenues grew by 20 percent year-on-year in the first three months to P3.01 billion as the company delivered a total of 2,204 housing units, 23 percent higher than the units delivered in the previous period last year. Net profit margin was at 39 percent, well above the company’s guidance of 37.5 percent. Projects in Metro Manila contributed 25 percent of the total revenues, followed by Iloilo with a share of 12 percent while 11 percent came from South Luzon.
A property developer’s presence in a certain locale can be quite significant. In most cases, such massive property projects can breathe new life into these towns, municipalities and even cities, generating fresh jobs and a new source of income for the local government. New projects can also help uplift the quality of lives of the residents, further refresh the landscape, ..
From building lakeside communities to creating high-rises tailor-made for university students, property developers have gotten more innovative in enhancing their various residential projects. Here’s a real estate player that, aside from giving Filipinos a renewed hope in realizing that dream of owning a decent, quality home, is also enabling the community to become a better version of itself. Building quality—and ..
Leading mass housing developer 8990 Holdings has debuted into high-end property development with a deal to acquire Genvi Development Corp., one of Cebu’s top developers of upscale property. Genvi’s flagship project is Monterrazas de Cebu, the biggest and last remaining contiguous mountain property development in the heart of Cebu City. It is a master-planned residential, commercial and institutional estate covering more than 200 hectares and offering a commanding view of Cebu, Mactan and Bohol.
Riding on a strong momentum from last year, mass housing developer 8990 Holdings expects net profit this year to reach P5.2 billion on the back of about P13 billion worth of revenue. Citing latest unaudited results, 8990 Holdings said it had hit its full-year 2018 revenue target of P11.5 billion. “We had a strong fourth quarter given the increased interest ..
Property developer 8990 Holdings plans to open by the end of this month the 168-room Azalea Express in Mandaluyong, its first venture into the budget hotel space. The rooms are carved out of the residential condominium units at Urban Deca Homes along Edsa Mandaluyong and will be offered at a price below P2,500 per night, 8990 Holdings president Willibardo Uy ..
Mass housing developer 8990 Holdings plans to roll out this third quarter a pioneering P3- billion retail bond offering backed by housing receivables. Separately, 8990 Holding plans to unload via bilateral transactions some P10 billion in housing receivables under its contract to sell (CTS) portfolio this year, P2.5 billion of which had been done earlier in the year. “We’d like ..
Leading housing developer 8990 Holdings has reported brisk sales of residential condominium units in Tondo, Manila,—its largest development in the metropolis—as condominium living starts to appeal to the mass market. Units in 8990 Holdings’ Urban Deca Homes Manila (UDH Manila) in Tondo are selling between P1.4 million and P2 million with a size of 22.95 to 32.17 square meters. UDH ..