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1,800 units will be in Cebu mass housing developer to hike inventory to 11T

CEBU, Philippines – Listed mass housing developer 8990 Holdings Inc is expected to add around 11,000 units to its housing inventory as it projects a rise in its revenue this year.

Of the total, around 1,800 units will be in Cebu.

The developer is launching this year nine housing projects with a total of 4,486 units worth P4 billion. This will be in Cebu, Davao, Iloilo, Cavite and Muntinlupa.

The nine will add to the firm’s 10 ongoing projects which are expected to provide 6,598 units worth P6.1 billion.

Among the 10 projects are the Deca Homes in Tisa, Cebu City and Tipolo, Mandaue City.

The developer said it already built around 15,000 mass houses in different parts of Cebu.

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President and Chief Executive Januario Jesus Atencio III said the company expects a combined revenue from the 19 projects of P10 billion and net income of P4 billion this year.

"If we're able to do [achieve] that, our growth for 2015 will be 20%," Atencio announced during the Cebu Entrepreneurship and Investment Summit 2015 in Cebu last Saturday.

The mass housing builder's P10 billion sales target this year is seen to get its boost from the firm's new projects and the strong real estate demand.

The demand is seen to get its boost from higher remittances of Filipino overseas workers and business process outsourcing (BPO) which give income to locals to buy houses.

"This year we're looking at building 11,000 houses nationwide, grossing P10 billion," Atencio said, noting that this is higher compared to P7.8 billion revenue gained last year.

In 2014, profit of 8990, which is the developer of mass houses commonly known as Deca Homes, grew 50% to P3.3 billion from P2.2 billion in 2013.

The company reported that its profit in the first quarter of 2015 was flat at P937 million from P933 million in the same period last year.

The chief executive also shared the company actually started in Cebu and it took four years before it was able to expand outside Cebu.

"Today we're expanding in Bulacan, Zamboanga and Bacolod City," he added.

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