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8990 Holdings, Inc.
....bakit kaya?

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.

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.

...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.

...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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