8990 Holdings posts P4.1-B sales in H1

Posted at 07/24/2014 6:26 PM | Updated as of 07/24/2014 6:28 PM

MANILA, Philippines - Low-cost housing developer 8990 Holdings said it sold P4.1 billion worth of housing units in the first six months of the year, 110 percent higher than a year ago.

8990 Holdings president JJ Atencio said the company delivered 3,713 housing units in the January to June period, amid continued strong demand for affordable housing.

Atencio said the company is on track to meet its target P3.2 billion net income and P5.35 billion revenues this year. The financial targets are based on projections 8990 will sell 7,500 housing units worth P8 billion in 2014.

"We are right on track with our targets. It is easier for us to achieve our targets for the rest of the year because we have this kind of momentum," he said.

8990 Holdings recently acquired 85.3 hectares, which can accommodate 25,445 residential units.

These properties are located in Pavia, Iloilo (30 hectares), Davao City (29 hectares), Marilao, Bulacan (13 hectares), Tondo, Manila (8 hectares), and Imus, Cavite (5.3 hectares).