Luis Yu Jr: Wealth, Business Empire, and Life Outside Work
Luis Yu Jr. is chairman emeritus of low-cost housing company 8990 Holdings, which has projects including Urban Deca Towers Cubao, Urban Deca Homes Commonwealth, Monterrazas de Cebu, Deca Homes Pavia Resort Residences, and several others. As of August 2023, Forbes lists his net worth at $495 million, making him one of the Philippines' richest personalities that year. 8990 Holdings was listed in 2013 on the Philippines Stock Exchange under the symbol "HOUSE."
Net Worth: $495M
Age: 68
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In His Youth
Not much is known about Yu's childhood, except that he resides in Cebu City, Philippines, according to Forbes. The business magazine also lists him as a self-made man whose source of wealth comes from the real estate business. Yu earned a Master of Business Administration degree from the Asian Institute of Management.
Luis Yu Jr's Business Empire
Yu's business empire began to take shape in the early 2000s when he co-founded 8990 Holdings with Mariano Martinez Jr and JJ Atencio. The company's mission is to offer high-quality, affordable housing options to the Filipino middle class. This vision has guided their projects, which range from mid-rise condominiums to sprawling residential communities. Their flagship projects, such as DECA Homes, have become synonymous with quality and affordability.
According to its website, the mass housing development company was inspired by a short-lived government project that was intended to provide low-cost homes for families. This came into fruition through the residential development in Cagayan de Oro in the '90s called Villa Candida. Then, 8890 Holdings later established the DECA Homes brand in 2002. However, it was only in 2012 that the company disposed of its information technology and telecommunications business, IP Converge Data Center, Inc., which was incorporated in 2005, and reorganized to focus on its residential projects under a new brand.
All outstanding shares in 8990 Housing Development Corporation, 8990 Luzon Housing Development Corporation, Fog Horn, Inc., 8990 Leisure and Resorts Corporation, 8990 Davao Housing Development Corporation, and 8990 Mindanao Housing Development Corporation all became subsidiaries of 8990 Holdings Inc. in May 2013. Then, on October 1, 2013, IP Converge Data Center, Inc. officially became 8990 Holdings, Inc. after the Securities and Exchange Commission approved the change of name and repurposing as a holdings company.
In recent developments, 8990 Holdings has continued to expand its footprint. The company recently celebrated the topping off of the Urban Deca Cubao project, a 47-storey mixed-use development that marks another milestone in its portfolio. This project, alongside others like Urban Deca EDSA and Urban Deca Mall & Residential Buildings-Manila, underscores the company's commitment to innovation and quality. Megawide Construction Corporation, a key partner in these projects, has implemented advanced engineering solutions, such as precast technology, to enhance efficiency and environmental sustainability.
Yu has also ventured into the membership warehouse club business, starting with the opening of the first Landers Superstore in Balintawak, Quezon City, in 2016. With an expansive 8,000 square meters of space, it is not just a place to buy groceries but also includes a bakery, a rotisserie, a diner, a barber shop, a coffee shop, and even a gas station. The superstore offers a wide selection of general merchandise, including imported and local products that range from food and grocery items to electronics, furniture, and kitchen appliances. It even carries several imported brands that are not available in its competitor, S&R.
The success of the first branch in Balintawak led to the rapid expansion of Landers. It now has outposts in Arca South in Taguig, Angeles in Pampanga, Nuvali in Laguna, The Uppereast in Bacolod, Fairview, U.P. Town Center in Quezon City, The Uptown Palazzo in Bonifacio Global City, Otis in Manila, Minore Park in Cebu, Alabang West, and Arcovia in Pasig.
The leadership transition within 8990 Holdings is also noteworthy. Luis Michael R. Yu III, Yu's son, and Vittorio P. Lim, a trusted associate, were recently elected as directors. Their appointments signal a new era for the company, blending seasoned expertise with fresh perspectives. Michael Yu, who holds directorial roles in several family-affiliated businesses, brings a wealth of experience in food and capital holdings. Lim has a background in deep-sea mining and finance.
8990 Holdings' Impact on the Philippine Economy and Society
One of the key factors behind 8890 Holdings' success is its customer-centric approach. The company places a high value on customer satisfaction, which is evident in the quality of its developments and the services it provides. From the initial consultation to the final handover, 8890 Holdings ensures a seamless experience for its clients. This commitment to excellence has earned them several industry citations.
8990 Holdings Inc. is recognized as the top housing developer in the Visayas, based on Pag-IBIG loan take-out value. DECA Homes was named Best Housing Developer in the 2012-2013 National Product Quality Excellence Awards. Yu was also the Cebu Chamber of Commerce and Industry's Entrepreneur of the Year in 2016.
8990 Holdings was also ranked first as the Pag-IBIG Fund Accredited Developer for fiscal year 2023. The awards were held in February 2024, with President and CEO Anthony Vincent Sotto receiving their recognition for "having served the Most Number of Pag-IBIG Fund Members with their Pag-IBIG Housing Loans among all accredited developers."
Outside the Boardroom
In a 2016 report by Cebu Daily News, they noted that the businessman goes to the mall alone like any ordinary mallgoer and watches people. "The only way to understand them is to try to be them, to try to understand their difficulties," he was quoted.
