News & Updates
8990 Holdings nets P1.18B in Q1
MANILA, Philippines – Leading mass housing developer 8990 Holdings grew its net profit in the first quarter by 17 percent year-on-year to P1.18 billion as its residential condominium projects in Metro Manila started to contribute a big bulk of the revenues.
Revenues grew by 20 percent year-on-year in the first three months to P3.01 billion as the company delivered a total of 2,204 housing units, 23 percent higher than the units delivered in the previous period last year.
Net profit margin was at 39 percent, well above the company’s guidance of 37.5 percent.
Projects in Metro Manila contributed 25 percent of the total revenues, followed by Iloilo with a share of 12 percent while 11 percent came from South Luzon.
8990’s 2018 income up 13% to P4.67B
LISTED 8990 Holdings Inc. reported on Wednesday its consolidated net income climbed by 13 percent to P4.67 billion last year from P4.14 billion in 2017. In a disclosure, the mass-housing developer said consolidated revenues jumped by 15 percent to P11.74 billion in...
Betting big on Tondo
A property developer’s presence in a certain locale can be quite significant. In most cases, such massive property projects can breathe new life into these towns, municipalities and even cities, generating fresh jobs and a new source of income for the local...
8990 to acquire majority stake in Cebu developer
MASS HOUSING developer 8990 Holdings, Inc. said it has signed a deal to acquire a 72.83% stake in Genvi Development Corp., the company behind the integrated community Monterrazas de Cebu in Cebu City.
In a disclosure to the stock exchange on Tuesday, the listed firm said its subsidiary 8990 Housing Development Corp. (8990 HDC) inked a subscription agreement for 2,913,128 common shares out of the existing but unissued capital of Genvi at P100 each or a total of P219.31 million.
Once the deal is completed, 8990 HDC will own around 72.83% of Genvi’s total issued and outstanding capital stock. The rest will remain with Genvi’s current shareholders.
A great equalizer, a true enabler
From building lakeside communities to creating high-rises tailor-made for university students, property developers have gotten more innovative in enhancing their various residential projects. Here’s a real estate player that, aside from giving Filipinos a renewed hope...
Low-cost housing to rise in Meycauayan
Listed property developer 8990 Holdings Inc. recently signed a contract with Megawide Construction Corporation to build a low-cost residential project in Meycauayan, Bulacan comprising some 5,178 housing units. 8990 Holdings and Megawide have been...