8990 Holdings on track with Makati, Ortigas projects

MANILA, Philippines - Mass housing developer 8990 Holdings Inc. it is on track with the development of two major projects in Makati and Ortigas.

The Makati project located along Yakal Street will have a 10-story building, 60 percent of which may be leased out to offices.

“The target is office spaces,” 8990 Holdings Inc. president and CEO J.J. Atencio said.

The Ortigas project meanwhile is a 13.4-hectare project with roughly 26 buildings or about 24,720 units, the company said in one of its disclosures.

Atencio said the company has partnered with Waltermart for the construction and operations of full-sized malls in the P8-billion Ortigas Avenue Extension Project.

“What we’re looking at is a community where we have a residential and malls so that it becomes self-contained,” he said.

The company has set a revenue target range of P9.6-to P10-billion for 2015, with a minimum 60 percent gross margin and a net income target range of P3.8-to P4- billion with a minimum 40 percent net margin.

In the first semester of the year, the company’s income grew 18 percent.

Atencio said the company expects momentum build-up with nine new projects to be launched this year.

“Our job in management therefore is to make sure that these new projects achieve their desired operating speeds in the shortest possible time, so that they can start to contribute to the targets in 2015,” he said.

In 2014, the company’s net income jumped 51 percent to P3.3 billion from P2.2 billion the previous year.

The company is behind Deca Homes with projects located in Cebu, Iloilio, Cavite, Davao, Pampanga and along EDSA in Metro Manila, where its first Urban Deca Tower is rising.