8990 Holdings, Inc.
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Atencio exits 8990 board

Januario Jesus Atencio III has stepped down as director of 8990 Holdings Inc. simultaneous with his resignation as president and chief executive officer of the listed mass housing developer.

In a disclosure to the Philippine Stock Exchange (PSE), 8990 said Atencio conveyed his gratitude to the board and shareholders for the privilege to have been director as well as president of the company.

The board, chaired by Mariano Martinez Jr., accepted Atencio’s resignation. It will hold a special meeting to fill the vacancy in the board of directors.

“The board thanked Atencio for his service to the company and wished him success in his future endeavors after his retirement,” 8990 said.

Atencio announced his retirement last July during the company’s annual stockholders’ meeting. His resignation from the board took effect Jan. 1, 2018.

He said the success of 8990 is not just because of his efforts but also because of the leadership and guidance of his business partners Luis Yu, the founder of 8990 and Martinez, as well as the executives and staff of the company.

Willbaldo Uy replaced Atencio as president of 8990.

8990 Housing was established in 2003. Atencio became its CEO in 2005.

Uy said there are a lot of projects in the pipeline. The company is spending P8 billion for the development of Urban Deca Homes Manila, located within an 8.4-hectare property in Tondo, Manila.

Once completed, the project will deliver 13,000 units valued at P21 billion.

Uy said the project is part of 8990’s goal of bringing affordable housing closer to all levels of middle income Filipinos in Metro Manila.

Urban Deca Homes Manila is intended to meet the housing needs of larger families who want to reside within Metro Manila. It will also feature a mall that will  serve as an amenities area for its residents.

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8990 launches P2-B mid-rise condo complex in the Visayas

MASS-housing builder 8990 Holdings Inc. said it launched its second mid-rise condominium development in Barangay Tisa, Cebu City, which has a total value of approximately P2 billion.

The first project in Tisa has already been sold out, the company said.

8990 Holdings has been developing in high-growth areas across the Visayas and Mindanao, with 45 completed projects since 2003. There are currently six ongoing projects in the Visayas, while two projects are ongoing in Mindanao.

“Urban Deca Homes Tisa 1 was well-received by the market due to its affordability combined with a great view of the mountains on one side while overlooking Cebu City and the sea on the other side,” 8990 Holdings President and CEO Willibaldo J. Uy said. Since demand continues to be strong, Uy added they have decided to launch Urban Deca Homes Tisa 2, which will continue to cater to young, working professionals and parents, as well as college students from neighboring provinces who work or study in Cebu City.

The project will have 21 four-story buildings served by elevators. Each building will have an average of 70 units, or a total of 1,392 units for the entire project. 8990 Holdings Inc. will spend around P800 million until 2021 for the development of Urban Deca Homes Tisa 2.

Buyers have the option of choosing studio-type units with a floor area of about 26.8 square meters (sq m), selling for an average of P1.17 million per unit, or two-bedroom units of about 36.5 sq m with an average price of P1.58 million each.

Uy said the company expects to generate P477 million from the sale of 408 studio units and P1.56 billion from the sale of 984 two-bedroom units. Construction has already started on November 15, 2017.

The company is allotting P3 billion for capital expenditures this year for the development of more mass-housing projects, both vertical and horizontal, as it aims to help the government reduce the huge housing backlog of 5.9 million units.

Uy further added the biggest project they hope to start selling and building will be its Ortigas Avenue Extension condominium complex. The company will also be developing horizontal house-and-lot projects in Iloilo, Cebu and Davao.

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...kailan naman kaya ang hype dito? hehehe

8990 unloads P3 billion worth of receivables

MASS HOUSING developer 8990 Holdings, Inc. unloaded close to P3 billion worth of receivables to generate cash for its projects.

In a disclosure to the stock exchange on Tuesday, 8990 Holdings said its subsidiaries entered into an agreement with Dearborn Resources and Holdings, Inc. for the transfer of the real estate firm’s contract-to-sell (CTS) receivables worth P2.8 billion.

The sale of receivables to Dearborn, a financial holding company based in Metro Manila, is on a non-recourse basis and is based on the outstanding principal balance of the CTS receivables.

8990 Holdings has been selling its receivables to the banking sector in previous years, helping the company increase its cash flow to fund its projects, a company official said in a mobile phone message.

The latest batch of receivables were sourced from 8990 Davao Housing Development Corp. (P215.50 million), 8990 Housing Development Corp. (P1.80 billion), 8990 Luzon Housing Development Corp. (P559.96 million), 8990 Mindanao Housing Development Corp. (P5.45 million) and Fog Horn, Inc. (P248.78 million).

The CTS receivables were generated from the sale of housing units in 24 residential projects nationwide.

The company has developed a CTS Gold in-house financing program, allowing customers to pay a minimal downpayment and quickly move in to their homes. The company retains ownership of the homes until full payment is made by the homebuyer.

CTS Gold has two categories, namely: CTS Gold Convertible, which carries a fixed rate of 8.5% per annum and is intended for Home Development Mutual Fund (Pag-IBIG) take-up; and CTS Gold Straight, which carries an interest rate of 11.5% per annum and is not intended for Pag-IBIG take-up.

8990 Holdings, Inc. is setting aside P3 billion in capital expenditures this year to bankroll the construction of its projects and the acquisition of land properties.

At the same time, 8990 Holdings will be launching five projects located in Cebu, Iloilo, Ortigas, and Davao that will generate P60 billion in sales.

8990 Holdings saw a 22% decline in attributable profit for the first nine months of 2017 to P2.47 billion, weighed down by delays in processing of permits.

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...minsan kasi nauuna yung hype eh Tongue anyway gusto kumita, what can we do? Smile

8990 Holdings posts P10B revenues in 2017

REVENUES of mass housing developer 8990 Holdings, Inc. slipped 7% in 2017, amid delays in securing permits for its projects.

In a statement issued Tuesday, 8990 Holdings said its unaudited revenues reached P10.09 billion in 2017, lower than the P10.87 billion it generated in the same period a year ago. The company, however, said it reached its full-year revenue target of P10 billion.

“2017 unaudited revenue of the company was reported at P10.09 billion as the strong fourth quarter performance was able to reverse the negative growth trajectory seen during the first nine months of the year,” the company said.

8990 Holdings has yet to submit its full-year financial report to regulators.

Delays in securing project permits weighed down the company’s financials last year. In the first three quarters alone, 8990’s net income dropped by 22% to P2.47 billion. Company officials, however, noted that it would be able to recover once construction picks up and buyers see projects being completed.

Contributing to 8990 Holdings’ revenues for the year was the sale of a total of 7,348 homes. Units in Luzon accounted for 54% of this number, while Visayas and Mindanao booked 34% and 12%, respectively.

In terms of sales value, Luzon cornered the largest chunk at 58%, followed by Visayas at 33% and Mindanao at 9%.

The company further noted that medium-rise and high-rise buildings are now contributing more to housing revenues, up 47% from 26%.

This year, the listed property developer has committed to launch five more developments worth P60 billion, as it aims to expand its footprint across the country.

“2018 will be even more exciting for us as we will launch more large-scale projects that will make 8990 poised to capture the Metro Manila affordable housing market,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy was quoted as saying in the statement.

With this, the company targets to book at least P12 billion in revenues for 2018.

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8990 Holdings expects P4-B sales from Tondo project

MASS HOUSING developer 8990 Holdings, Inc. looks to generate P4 billion in sales from its Tondo project this year, noting the uptick in demand as the development nears completion.

In a statement issued Tuesday, the listed real estate company said Urban Deca Homes Manila will see four towers completed by the end of 2018, with another four to be finished during the first half of 2019.

“Once our buyers saw that buildings are already nearing completion, we noticed a significant jump in our sales. We are certain we will see this trend continue as we roll out more units to meet the strong demand for housing in the Tondo area,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said.

8990 Holdings is slated to deliver 3,200 units from Urban Deca Homes Manila within the year. Of this, sales reservations are already nearing 2,000 units, the company noted.

Urban Deca Homes Manila is a 13-tower residential complex sitting on an 8.4-hectare property in Tondo, Manila, offering more than 13,212 units with an estimated sales value of P20 billion. The company is spending P8 billion until 2020 for the project’s development.

Units are priced from P1.32 million to P1.45 million for 23-square meter (sq.m.) studio units, and up to P1.7 million for two-bedroom units with a size of 32 sq.m. each.

Amortization rates can go for as low as P9,000 to P11,000 every month, the company earlier said.

Within the residential complex will stand the two-storey Deca Mall Tondo spanning 13,000 to 14,000 sq.m. in gross leasable spaces. It is set to be operational by 2018. The P452-million mall will have a food court and 95 tenant stores, as well as 130 slots for small and medium enterprises at the tiangge at the second floor.

The mall will provide for the amenities needed by residents in the residential complex.

“[This] will create a new residential and commercial lifestyle in an iconic area of the metropolis that has been a landmark for many generations,” the company said.

This year, the company will be launching a project similar to Urban Deca Homes Manila, called the Ortigas Extension project. The P35-billion development will consist of 22 buildings with 13 to 15 floors each, offering a total of 18,993 units. There will also be a shopping mall in the middle of the condominium complex.

8990 Holdings booked P1 billion in earnings for the first quarter of 2018, following a 57% jump in revenues to P2.5 billion.

The company targets to net around P4.3 billion this year, alongside projected revenues of P11.5 billion.


8990 Holdings Q2 revenue up 142% on strong mass housing demand

MASS HOUSING developer 8990 Holdings, Inc. said revenue rose 142% to P3.5 billion during the second quarter, amid pent-up demand for affordable housing.

The listed firm, in a statement, did not report second quarter profit figures. However, it said its first half revenue of P6 billion grew 98% and exceeded the company’s internal target.

“There is pent-up demand. This must have been one reason why we have this unexpected surge… also (buyers) look at pricing. We tried to maintain our prices as best as we can, and this boded well for us,” 8990 Holdings Chief Executive Officer Willibaldo J. Uy told reporters at a briefing after the company’s shareholder meeting in Makati City yesterday.

Mr. Uy said that the second quarter is typically a slow period for property developers. 8990 Holdings’s revenue fell 36% in the first half of 2017.

The company said its net profit margin was 40% for the first half, while net profit for the period was P2.4 billion, doubling from a year earlier.

“We’re confident that we’ll meet our targets. We’re quite lucky we were able to reach this level. Normally third quarter is good,” Mr. Uy said.

8990 Holdings said earlier that it hopes to book a P4.31-billion profit in 2018, amid projected revenue of P11.5 billion.

The company is banking on its P35-billion Ortigas Extension project to be one of the growth drivers for this year. The residential condominium complex consists of 22 buildings with 13 to 15 floors each, offering a total of 18,993 units.

While the company has yet to secure a license to sell the Ortigas Extension project, Mr. Uy said it is confident of obtaining the permit and start selling before the year ends.

Meanwhile, 8990 Holdings is planning to issue P3 billion worth of securities in the third quarter. These include the sale of the firm’s contract-to-sell receivables, consisting of loans averaging P950,000 each at a maximum period of 20 years.

The company has been selling its receivables to banks in previous years to boost cash.


....hhhmmmnnn interesting...let's see its 2nd qtr income report when it becomes available to the public

8990 set to open first budget hotel venture

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 said in a briefing.

Azalea Express is a limited service hotel that is expected to compete with the likes of GoHotel and Red Planet chains. Its rooms are estimated at 13 square meters each.

To date, the group has two full-service hotel properties under the Azalea brand, one in Baguio and another in Boracay.

The group is now looking at its existing inventory, where certain sites could be converted into hotels instead of pursuing residential developments. Uy said the expansion of the hospitality business was “because of our good experience with Azalea Baguio and Boracay.”

“We still have properties in Makati, in Manila and Cebu,” Uy said.

Meanwhile, Uy said estimated losses from the six-month closure of Azalea Boracay, mostly in the form of foregone revenues, would likely reach about P100 million. “We had to refund a lot of advance payments,” Uy said.

Malacañang ordered the six-month closure of Boracay Island starting last April 26 to pave the way for its rehabilitation.

“We were one of the first to be certified compliant. We’re just waiting for them to open,” he said.

8990 Holdings reported better-than-expected business in the first semester of the year, defying the usually sluggish second quarter, on the back of pent-up demand from end-users.

Revenue in the first six months grew by 98 percent year-on-year to some P6 billion, beating the company’s P5.1 billion target for the period. Net profit margin amounted to 40 percent, better than 8990’s full-year goal of 37.5 percent.

These numbers suggested a net profit of P2.4 billion for the full year compared to the P1.2 billion last year, although 8990 Holdings had yet to release its six-month financial statement.


...this is good report! BUY!

8990 Holdings triples net income in Q2

MASS HOUSING developer 8990 Holdings, Inc. tripled its net income in the second quarter of 2018, lifted by the higher number of residential units it sold for the period.

In a statement issued Wednesday, the listed property developer said net income accelerated to P1.38 billion, versus the P469.20 million it delivered in the same period a year ago. Revenues more than doubled to P3.5 billion, against the P1.45 billion it posted in the first half of 2017.

“Historically, across the real estate sector, the second quarter is usually a slow period but we have seen that this is not the case for 8990 as we continue to bring something that goes beyond just mere affordability. More importantly, we deliver value for money homes to hard working Filipinos,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said in a statement.

This pushed 8990 Holdings’ net income for the first half to P2.39 billion, almost double the P1.22 billion it generated in the same period a year ago. The company’s revenues likewise soared 98% to P6 billion.

The company’s mass housing segment accounted for 59% of total revenues, while medium-rise and high-rise buildings contributed the balance of 41%.

Projects in the National Capital Region contributed 32% of its revenues, followed by those in Iloilo and Bacolod that generated 19% of the total revenues.

8990 Holdings also worked on managing costs for the first semester, letting it bring down operating expenses by 2.3% to P723.56 million. This pushed margins to 39.8%, slightly above its 38% target for 2018.

“This makes me even more confident that we will hit our P11.5 billion revenue goal by the end of the year,” Mr. Uy said.

The company has recently launched the P35-billion Ortigas Extension project, which is expected to drive growth for the second half of the year. The 22-building condominium complex is 8990 Holdings’ largest project to date, offering a total of 18,993 units across mid-rise buildings with 13 to 15 floors each.

The Ortigas Extension project is similar to its Urban Deca Homes Manila development in Tondo, housing 13 mid-rise buildings with a total of 13,212 condominium units for the affordable market.

8990 Holdings’ land bank is currently at 532 hectares, which the company said is enough for the next eight to 10 years. Once developed, the total land bank is expected to generate P156 billion in sales.

11-9 press release Tongue

8990 targets to reach P20-B revenues by 2020

8990 HOLDINGS, Inc. aims to generate P20 billion in revenues by 2020, driven by the completion of its mid-rise condominium project in Ortigas Extension.

The listed mass housing developer said it should grow revenues by an average of 25-30% in the next two years to reach this target.

“For revenues, we’re aiming for P11.5 billion now, next year we’ll have P13 billion, and then P20 billion after,” 8990 Holdings Investors Relations Officer Tracy G. Ilagan said in a media briefing in Makati City yesterday.

“So really the ramp up would be in 2020 because we don’t do percentage of completion. That’s why you would expect it at the tailend once the buildings are delivered.”

If realized, this would be double the company’s P10.2-billion revenues in 2017.

8990 Holdings Chief Financial Officer Roan Buenaventura-Torregoza said growth will depend on sales of its P30-billion condominium complex in Ortigas Extension, which will be launched early next year.

Urban Deca Homes Ortigas consists of 22 buildings with around 19,000 units on a 13-hectare property. Units will range from 27 square meters (sq.m.) to less than 40 sq.m. each, with prices starting at P1.6 million. This is the company’s largest project to date.

“Ortigas will launch early next year, and from there it will take 18 to 24 months to complete the first buildings which we project to take out in 2020,” Ms. Buenaventura-Torregoza said.

For the first nine months of 2018, 8990 Holdings delivered a 38% increase in net income to P3.41 billion, versus the P2.45 billion it booked in the same period a year ago.

Revenues went up 41% to P8.6 billion, indicating a net profit margin of 40%, higher than the company’s 38% forecast at the start of the year.

Sales reservations meanwhile stood at P7.27 billion, flat from year-ago figures of P7.17 billion.

The company noted it has P588 million in unrealized sales that will be recognized in the fourth quarter, which is expected to boost revenues.

8990 Holdings ended September with around 540 hectares in its land bank, which it noted could generate some P154 billion in sales over the next 10 years. Of this, 246.9 hectares are located in Visayas, 150.9 hectares in Luzon, and 142.1 hectares in Mindanao.

The company said it latest land acquisition is located in Siquijor, where they plans to launch a new brand for its hospitality business.

Majority of the sales to be realized from the projects are located in Luzon at P107 billion, followed by Visayas at P39 billion, and Mindanao at P8 billion.

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...pwede...pwede Big Grin

8990 establishes hospitality unit

8990 Holdings, Inc. is making its foray into the hospitality industry, saying it plans to spend over P5 billion to develop 3,000 hotel rooms in key tourist destinations.

In a disclosure, the listed property developer said its subsidiary 8990 Leisure and Resorts is looking at developing hotels in Cebu, Makati, Davao, Palawan, Boracay, Siquijor, Alabang, Manila, Iloilo, Legazpi, Clark, Lapu-lapu, Siargao, and Baguio in the next five years.

8990 Leisure and Resorts will introduce three hotel brands catering to different tourist segments. These are the Adama, a five-star luxury family resort; Kura, a luxury hotel; and Argo, an urban hotel.

“The Philippine leisure and hospitality industry is on an upswing with the current administration focusing on tourism development. The launch of 8990 Leisure and Resorts definitely comes at a perfect time,” said Willie J. Uy, president and chief executive officer of 8990 Holdings, in a statement.

For the first nine months of the year, 8990 Holdings saw a 38% increase in net income to P3.41 billion, driven by a 41% rise in revenues. 

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