DMCI Homes, the residential unit of conglomerate DMCI Holdings Inc., expects to raise P49 billion from eight high-rise residential projects it plans to launch this year.
DMCI Homes president Alfredo Austria said in a statement over the weekend the company was accelerating the residential launchings amid the robust housing demand.
These include projects in Davao City, Las Piñas, Manila, Parañaque, Pasay, Pasig and Quezon City.
DMCI Homes in 2017 unveiled three projects with total sales value of P32 billion.
DMCI Homes expanded its land bank to 125.22 hectares during the first quarter of the year, up 41 percent from 88.89 hectares year-on-year.
Austria said the company purchased additional properties with a total land value of P6 billion.
Majority of the newly-acquired raw land, or 125.22 hectares, are located in Metro Manila while the rest are in Luzon. The company will use the additional land bank for its planned residential developments.
“Despite the fierce competition in our segment, the demand for DMCI Homes properties remains strong so we are building our land bank,” Austria said.
DMCI Homes registered sales and reservation worth over P15 billion in the first three months of the year, up 15 percent from P13 billion on year.
Leading the list of DMCI Homes’ top project performers is Prisma Residences in Pasig City, followed by Infina Towers and Verdon Parc in Quezon City and Davao City, respectively.
“We had an excellent run last year. We topped our reservation sales target by more than 153 percent. Hopefully, we can sustain our growth with our new product offerings,” said Austria.
DMCI Homes’ net income contribution to DMCI Holdings declined 11 percent to P848 million in the first quarter of the year from P950 million on year due to a slowdown in revenue recognition.
Following the percentage of completion accounting method, DMCI Homes recognizes revenues based on the progress of project development and once at least 15 percent of the contract price has been collected from the buyer.