Luis Yu Jr. (MBM 1977) named “Entrepreneur of the Year” by the Cebu Chamber of Commerce and Industry
Category: Alumni in the News
Luis Yu Jr., the chairman emeritus of the company behind the mass housing brand Deca Homes, is this year’s Entrepreneur of the Year.
Yu leads the roster of awardees of Cebu Chamber of Commerce and Industry’s (CCCI) 24th Grand Chamber Awards, which recognizes individuals who serve as role models for Cebuanos to level up and become globally competitive while maintaining CCCI’s core values of integrity, commitment and synergy.
Yu is one of the founders of 8990 Holdings Inc., a company organized as a joint venture among three partners—Yu, Mariano Martinez Jr. and JJ Atencio—whose vision is to offer reasonably priced and quality houses in the countryside through mass housing.
Yu, who holds a master’s degree in business management from the Asian Institute of Management, has more than 30 years’ experience managing and heading companies engaged in mass housing subdivision development.
“8990 has built thousands of simple but elegant and strong homes, sold at the optimum in cost for the buyer,” said the CCCI’s profile of Yu.
The listed company focused on building residential properties in provinces. It began modestly in 1991 in Cagayan de Oro City with its first project, Villa Candida.
8990’s entry to Cebu City was through Deca Homes Bacayan and in Davao City with its Deca Homes Cabantian.
CCCI said the company is producing 6,000 units a year and is projected to double its production in five years to 12,000 units per year. 8990 expects to double its sales to P12 billion in five years.
Consistent with the company’s thrust of providing quality and affordable housing units to its customers, 8990 pioneered a pre-cast construction technology, which enables them to develop housing units with improvements and innovations to consistently meet its market’s growing demands.
The technology also allows the company to construct units in a matter of days rather than the usual months required under the conventional concrete cinder block method.
Through the technology, the company is able to construct townhouses and single-storey attached units in just 10 days, which enables it to turn over the units to its customers in a fast and efficient way.
“Mr. Luis Yu is an innovator of mass housing. He delivers his promise faster than other developers,” said Anthony Gerard Leuterio, chief executive officer and founder of Leuterio Realty Brokerage Inc., one of the country’s biggest realty firms.
“He is consistent, focused, and keeps on innovating in construction technology to deliver good affordable mass housing,” Leuterio added.
The company’s aggressive stance has altered the housing business in the country.
Focusing on speed and scale, new technology, low-cost financing to home buyers, effective collection and risk management and strong partnership with key housing and shelter agencies, 8990 Holdings, Inc. was awarded Pag-IBIG Fund’s 2015 Top Developer Corporate-wide in terms of takeout value and bagged a special award for the “Most Number of Members Served”.
Following its success in mass housing, 8990 is now moving up through vertical housing in the metro, and even hotels.
Other awardees this year are Wellington Chanlim, president of Wellisa Farms as Countryside Entrepreneur; Dr. Alvin Roxas, president of Yakski BBQ, Inc. as Small Business Entrepreneur; and Anya Lim, creative and managing director of Anthill Fabric Gallery as Young Entrepreneur.
Likewise, the chamber will award Juanito King & Sons, Inc. as the Corporate Social Responsibility (CSR) Institution of the Year, while a special citation will be given to Tsuneishi Heavy Industries as Economic Driver in Western Cebu.
CCCI said these awardees were carefully chosen by a board of judges composed of CCCI’s council of advisors.
They will be awarded tonight during the culmination of the month-long Cebu Business Month 2016: Digital Cebu at Marco Polo Plaza Cebu.