DMCI Homes boosts land bank to P10.2 B

Published June 6, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

DMCI Homes, the residential development arm or DMCI Holdings, Inc., has boosted its land bank value by 71 percent to P10.2 billion from P6 billion last year as it continues to buy land to fuel its ongoing expansion.

From 125 hectares in March 2018, DMCI Homes’ total land bank expanded to 150 hectares as of March 31 this 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.

He added that, “Every year, thousands of new households across different market segments are created all over the country, providing more opportunities for the industry.”

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 City, Quezon City, Las Piñas City, Pasig City, Mandaluyong City, and the City of 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 pioneering mid-rise condominium development in Bacoor City.

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 year-on-year.

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 Parañaque City; Bluebird building of Bristle Ridge in Baguio City; Fairway Terraces in Pasay City; and Alea Residences’ Darma building.