In a statement, the property development arm of DMCI Holdings, Inc. announced it will spend around P8.4 billion throughout the year to advance the eight developments that will require a total investment of P46.54 billion.
DMCI Homes will offer 15,300 units across the residential projects. It expects to book more than P57 billion in sales upon completing the developments.
The company has launched two of the eight projects in the first quarter. These are Prisma Residences in Pasig City and Mulberry Place in Taguig City.
DMCI Homes targets to launch the other six projects, which include mixed-used developments offering residential and office units, in the second and third quarters. These will rise in Mandaluyong, Makati, Pasig, Parañaque and Quezon City.
The company is spending P3 billion more to acquire land and around P600 million to improve existing properties within the year.
“Every year, we strive to come up with exciting projects for our valued clients. This is in line with our goal to satisfy the changing needs and preferences of the market,” DMCI Homes President Alfredo R. Austria said in the statement.
“We hope that our new projects further reaffirm our reputation as a builder of high quality, best value homes and resort-inspired communities that promote quality lifestyle among Filipinos.”
DMCI Homes -- incorporated as DMCI Project Developers, Inc. -- saw its profit contribution to DMCI Holdings drop 46% to P1.9 billion last year because of the deferred recognition of revenues from its completed high-rise projects.
The property developer books sales only when it has completed a residential project and collected at least 15% of the contract price of a unit. Its recognized and reservation sales volume rose 55% to a record 8,236 units from 5,325 units.
DMCI Homes looks to recognize about P15 billion in revenues this year and secure P26 billion in reservation sales alongside. In 2016, the company’s reservation sales reached P29 billion, exceeding the P23 billion targeted for the period. -- Keith Richard D. Mariano
Source: Business World Online