JJ Atencio’s 8990 Holdings to unveil 5 projects worth P60B in 2018
MANILA – Listed mass housing developer 8990 Holdings Inc. will introduce to the market next year five projects worth P60 billion.
The property firm owned by bilyonaryo JJ Atencio hoped to boost its revenues to P14 billion this yer after posting strong growth this year.
Company Chief Operating Officer Willie Uy said the new projects would be constructed in Davao, Iloilo, Cebu and Ortigas Extension.
Chairman Mariano Martinez remained bullish on the property sector due to the five million housing backlog.
“That’s the biggest factor as to why our market has never waned because of that,” he said.
Martinez was optimistic about achieving its revenue target of at least P10 billion this year on strong housing demand in all its housing projects across the country.
“That’s our target and we are very close to that already,” he said.
The company’s revenues for the first nine months reachedP6.1 billion.
8990 Holdings on Friday held a bell ringing ceremony at the Philippine Stock Exchange (PSE) to list its Series “A” perpetual preferred shares.
It raised PHP5 billion from the preferred shares issuance, proceeds of the sale would be used to pay off debts. (PNA)