Mass housing developer 8990 Holdings Inc. on Wednesday said its revenues grew 40 percent to a record P20 billion in 2021 from the previous year’s P14.23 billion on strong demand for its residential units.
“These results reflect the strong demand for affordable housing, the optimism of our buyers in the economy and their confidence in the stability of their future revenue streams,” 8990 President and CEO Anthony Vincent Sotto said.
The developer’s results are also about 30 percent higher than the pre-pandemic 2019 revenues of P15.4 billion.For the full year, 8990 delivered 11,564 residential units to mainly local first-time buyers. In terms of the number of units, mass housing or horizontal projects delivered 55 percent of total homes delivered for the year versus the 45 percent brought in by vertical projects.
The company said its huge land bank of 729.05 hectares located in strategic areas nationwide is more than capable of delivering the projected revenue growth for the year.Sotto said the company acts fast in times of emergency, such as when typhoon Odette hit the Visayas region last December 16 and caused major damage in several provinces.