8990 to finally launch P10.4-B Cubao condo

Housing developer 8990 Holdings, Inc. is planning to launch its P10.4 billion Urban Deca Tower Cubao, designed for end-users who are eyeing to buy their first home, in the second half of 2021.

In a disclosure to the Philippine Stock Exchange, the firm said the project is located along EDSA southbound corner Mayor Ignacio Santos Diaz St.

It is just a few steps away from the MRT3 Cubao station, thus making the central business districts of Makati, Bonifacio Global City and Ortigas Center easily accessible.

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Urban Deca Tower Cubao will rise to 45 storeys and will host 4,961 studio units. The units are priced at an average of P1.9 million, with affordable payment schemes.

The project will also host 2,859 square meters of commercial spaces for the ultimate convenience of residents. 8990 Holdings broke ground for Urban Deca Tower Cubao in February last year before the lockdowns started.

The firm said the new project’s sales launch is an indicator of its optimistic outlook for fiscal year 2021, as it started the year on a high note after posting a 29 percent increase in revenues in the first quarter to P4.48 billion from P3.47 billion in the same period in 2020.

“The company’s outstanding first quarter financial performance suggests a strong rebound may be in store for 2021. Last year, 8990’s revenues dropped by 8 percent to P14.2 billion from P15.4 billion in 2019,” 8990 said.

The firm also reported a 17 percent hike in net income in the January-to-March period to P1.6 billion from P1.3 billion in the first three months of 2020.

It recorded a 3-percent hike in the number of units sold during the period, an indication that Filipino families remain driven to pursue their dream of having their own house despite the lingering impacts of the pandemic.

“This is definitely a positive sign that many Filipino families are still looking at a better future and this inspires us to continue building communities that offer quality living at highly affordable prices. The same holds true for our new Urban Deca Tower Cubao project,” 8990 Holdings Chairman Mariano Martinez Jr. said.

The company delivered a total of 2,634 new homes in the first quarter of the year, although housing production fell 50 percent due to the community restrictions imposed to contain the spread of COVID-19.

In terms of value, Luzon had the biggest revenue contribution in the first three months of 2021 at P2.6 billion, followed by Visayas at P958.5 million, and Mindanao at P878.3 million.

The company sold 1,272 units in Luzon, 801 units in Visayas, and 561 units in Mindanao for the quarter.

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Overall, 8990 Holdings remains optimistic on the strength of the mass-housing segment. Its net income margin declined to 35% for the quarter.

This was lower by only three percentage points compared to the similar period in 2020 due to the Bayanihan 1 and 2 Acts, which allowed homebuyers to suspend payments for a few months.

The company cited the same reason for the decline of its performing accounts ratio in the recent quarter to 85 percent. But at 85 percent, this ratio still attests to the good quality of buyers that the company continues to attract for its projects, 8990 Holdings said.

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Article and Photo originally posted by Manila Bulletin last June 28, 2021 4:14pm and written by James A. Loyola.

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