Phinma CEO transfers to 8990

MANILA, Philippines – Phinma Property Holdings Corp.president and CEO Willie Joven Uy  will move to another housing developer, 8990 Holdings effective Feb. 1, industry sources said.

Uy will join 8990 as chief operating officer and will work closely with company president Januario Jesus Atencio.

8990 is among the fastest growing mass housing companies in the country.

The Home Development Mutual Fund also known as the Pag-IBIG Fund picked 8990 as the top developer corporate-wide in terms of take-out value.

In the first three quarters of 2015, 8990 was able to beef up its landbank with the acquisition of 25.4 hectares in Legones, Iloilo and 60.2 hectares in Cabug, Bacolod. This brought the company’s total landbank to 503 hectares.

The company is gearing up for global expansion after strengthening its foothold in various parts of the country.  It is in exploratory talks with a potential partner for a possible joint venture project in Tanzania in East Africa.

 Atencio said the possible partnership is for a housing project that would involve the development by 8990 Holdings of 50,000 to 100,000 units.

 “During the company’s stockholders’ meeting in July, Atencio said 8990 had set a revenue goal of between P9.6 billion and P10 billion for 2015 and a net income target range of P3.8 billion to P4 billion, with a minimum 40 percent net margin.

The company is behind Deca Homes. Its projects are located in Cebu, Iloilo, Cavite, Davao, Pampanga and along EDSA in Metro Manila where its first Urban Deca Tower will rise.

It recently launched Urban Deca Homes Manila, which is located in Vitas, Tondo.  The project consists of 13 mid rise residential buildings with a total of 13,212 condominium units and 2,226 parking slots.  It will also have a mall.

One building comprising 1,000 units will be constructed every three months until its target completion in 2019.