Capitalists And Money

DMCI Homes plans to launch a P7-B high-rise project

REAL-ESTATE developer DMCI Homes, Inc. is targeting to launch a high-rise condominium project in Caloocan by January next year, according to its president.

“Wala ng [projects] this December, January na… baka sa Caloocan (We don’t have launches left this December, closest will be in January in Caloocan),” DMCI Homes President Alfredo R. Austria told BusinessWorld recently.

According to Mr. Austria, the estimated development costs for the project will be around P6-P7 billion. The project is expected to house 1,500 units.

“Hindi pa namin pino-formalize e (It’s not yet formalized), but the target launch is January,” Mr. Austria said.

In the third quarter, DMCI Homes recorded a 25% increase in its net income to P1.15 billion from P919 million in the same period last year.

According to a disclosure of the company’s parent, DMCI Holdings, Inc., DMCI Homes’ total sales climbed to P11.7 billion in the third quarter from P6.6 billion a year ago.

The developer said it recorded a strong sales rebound in the third quarter after the launch of its two transit-oriented projects: Fortis Residences in Makati City and Sage Residences in Mandaluyong City.

The company also recorded higher sales and reservations in the three-month period to 2,610 units – 1,473 residential units and 1,137 parking slots, from the 1,641 units it sold last year.

“Average unit selling price of DMCI homes have increased with the launch of Fortis Residences in July,” DMCI Homes said.

Meanwhile, for the first nine months of the year, DMCI Homes said its net income dipped by 2% to P4 billion from P3.9 billion last year, which it attributed to lower construction accomplishments and sales cancellations.

Looking forward, the company plans to build a mixed-use project next to Fortis Residences, called One Fortis Plaza.

“We’re also building an adjacent building that will include office, retail and commercial spaces called One Fortis Plaza, so residents can have easy access to shops, restaurants or even work,” Mr. Austria said in a statement. — Justine Irish D. Tabile