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DMCI Homes land bank reaches P10.2 billion in Q1.

DEVELOPER DMCI Homes Inc. continues to grow its land bank, reaching 150 hectares as of end March from last year's 125 hectares.

The property arm of listed firm DMCI Holdings Inc. currently has a total land value of P10.2 billion, up by 71 percent from P6 billion from last year.

'We have to continue building our land bank as we continue to strengthen our presence in and outside Metro Manila, such as in Davao and Cebu,' DMCI Homes President Alfredo Austria said.

'Every year, thousands of new households across different market segments are created all over the country, providing more opportunities for the industry,' he said.

Driven by lower costs of development, DMCI Homes posted a net income of P481 million in the first quarter of 2019, a 5-percent increase from P460 million last year.

For this year alone, DMCI Homes is eyeing to launch 10 projects worth P104 billion, including its initial venture into the Cebu property market.

Also lined up for launch are new projects in Davao, Quezon City, Las Pinas, Pasig, Mandaluyong and Manila.

Meanwhile, two more condo buildings are set to be delivered by the company before year-end after completing six other residential structures early this year.

Set for turnover in the second half of 2019 are the Surya and Raja buildings of Alea Residences, the company's midrise condominium development in Bacoor City.

Known for its track record of delivering condominium projects on or ahead of time, DMCI Homes already completed six other buildings in the first four months of 2019. These include Zebrina building of Calathea Place in Paranaque City; Bluebird building of Bristle Ridge in Baguio City; Fairway Terraces in Pasay City; and Alea Residences's Darma building.

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Publication:Business Mirror (Makati City, Philippines)
Geographic Code:9PHIL
Date:Jun 7, 2019
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