8990 Holdings, Inc., listed on the Philippine Stock Exchange (PSE), recorded a key milestone of Php 20 Billion in unaudited gross revenues for fiscal year 2021, despite the twin challenges brought on by the lingering pandemic and the super typhoon that damaged one of its key markets: the Visayas region. 

The country’s leading mass-housing developer registered 41% top line growth from the audited figure of Php14.2 Billion in gross revenues from FY 2020. According to 8990 President & CEO Anthony Vincent Sotto, 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.” 

Sotto emphasized that 8990 “has defied all odds.” The developer’s results are also about 30% higher than the pre-pandemic FY 2019 revenues of Php 15.4 Billion, thus suggesting that 8990’s key market of mainly first-time homebuyers is well on the way to recovery. 

For the full year, 8990 delivered 11,564 more homes to Filipino buyers. In terms of actual values the company registered a 41%-59% split between their vertical (condominium) and horizontal developments. 

However, in terms of the number of units, mass housing or horizontal projects delivered 55% of total homes delivered for the year versus the 45% brought in by vertical projects. 

Strong sales projections 

Based on these strong FY 2021 results, 8990 is targeting to hit another milestone: Php23 Billion in gross revenues for the current FY 2022. The sales target represents a double-digit 15% increase over the unaudited gross revenues of PhP20 Billion this past fiscal year. 

The company believes that its big land bank of 729.05 hectares located in strategic areas nationwide is more than capable of delivering the projected revenue growth for the year, and that it will bolster the company’s ultimate goal to register Php 164 Billion in sales for the next seven to eight years. 

While 8990 looks ahead, Sotto maintained that it also acts fast in the present times. Sotto recounted that when super typhoon Odette hit the Visayas region last December 16 and caused major damage in several provinces, 8990’s property administrators went into high gear. They reported that only less than 10% of the company’s built structures were affected. Nevertheless, once the weather improved, 8990 immediately assessed and repaired any damages. 

“At 8990, we are proud of our team’s fast response to the super typhoon, to continuously implement measures that will protect our clients’ biggest life investment: their home,” Sotto declared.