8990 to launch P7-B Mactan, Cebu, projects

MASS-HOUSING builder 8990 Holdings Inc. said it plans to launch two bigger projects in Mactan, Cebu province, with a combined cost of about P7 billion.

The company said it will launch Deca Homes Mactan Prime and Urban Deca Homes Mactan.

Both projects provide new affordable homes located just minutes from local schools, hospitals, commercial centers and public markets, the company said.

The two projects are also 2.6 kilometers from the planned third Mactan Bridge expected to be complete by 2022.

Mactan Prime and Urban Deca Homes Mactan account for close to 70 percent of the company’s current pipeline in Cebu.

These two projects are expected to be completed by the end of 2023.

Mactan Prime is situated within a 30-hectare property and has an estimated project value of P4.2 billion.

Once completed, this gated community will provide 3,507 home units with a community gathering area and 16,000 square meters of commercial space where families can spend their leisure time.

Meanwhile Urban Deca Homes Mactan is a 15-hectare property valued at P6.5 billion that will house mid-rise buildings with a total of 6,828 units upon completion of the project.

The development offers studio and two-bedroom units, and paves the way for working professionals and start-up families to own their condominium units with easy access to the city center.

“Our projects in Cebu are a testament to our commitment to providing decent homes to the Filipino at an affordable price,” 8990 President and CEO Januario Jesus Gregorio Atencio III said.

For the year, Atencio said 8990 will launch 11 projects in Bulacan, Iloilo, Bacolod and Davao,  adding 60,765 units to its current inventory. Of the total, about 3,994 units worth P3.7 billion would be delivered this year. There will be three project launches during the first quarter, followed by five in the second, and closing the third with three more, he said.

Another 7,894 units worth P9.8 billion from 11 ongoing projects in Pampanga, Bulacan, Cavite, Cebu, General Santos, Manila, Mandaluyong and Muntinlupa would also be delivered this year.

Last year the company continued to beef up its land bank, acquiring 191 hectares of raw land worth P5 billion last year.

This brought the company’s land bank to 655.15 hectares that could accommodate 145,000 units, with a gross-selling value of P175 billion.

As a result, 8990 is expecting its net income to reach as much as P5.4 billion this year or P1.59 billion higher than last year’s earnings of P3.81 billion.

Gross revenue is seen growing at least 7 percent to 43 percent, based on a guidance of at least P10 billion to P13.5 billion this year from P9.41 billion last year.