News

DMCI PROJECT Developers, Inc. has bought more land in Cebu to support its plans to expand its presence outside Metro Manila.

The operator of DMCI Homes said in a statement over the weekend it recently acquired a 9,695-square meter property in Lahug, Cebu City, which it is looking to develop into a vertical community.

“Cebu is one of the fastest growing economies in the Philippines. Expanding here is a natural step for us,” DMCI Homes President Alfredo R. Austria was quoted in the statement as saying.

The land is located near Cebu IT Park, Cebu Business Park, University of the Philippines Cebu and Metro Sports Center, making it a prime spot with guaranteed foot traffic.

The latest land acquisition brings DMCI Homes’ total land bank in Cebu to 55,617 square meters. This takes into account the property that the company had bought last year located in Brgy. Guadalupe, Cebu City. It is also eyed to be developed into a residential community.

“We are very excited to bring the DMCI Homes brand to Cebu. We believe the discerning local market will find our value-for-money proposition very attractive,” Mr. Austria said.

The two properties in Lahug and Brgy. Guadalupe are planned to become vertical communities, or a towering commercial building where different tenants occupy different floors, each catering to the needs of one another.

“Similar to its projects in other parts of the country, the two upcoming developments will be vertical communities that will bear the company’s hallmarks of innovative design and engineering coupled with resort-inspired amenities such as lush landscaping and spacious recreational facilities,” the statement said.

In the pipeline of DMCI Homes for this year are 10 projects worth P104 billion, among which are Kalea Heights in Cebu and other projects in Davao City, Quezon City, Las Piñas City, Pasig City, Mandaluyong City, and in Manila. It is allotting a total of P17.9 billion for capital expenditures this year.

In the first semester, DMCI Homes recorded a core net income of P1.19 billion, up 5% from in the same period last year due to lower project development costs. But the net income of its parent DMCI Holdings, Inc. declined 22% to P6.7 billion due to slimmer revenues from its coal and nickel mining businesses. — Denise A. Valdez

Source : https://www.bworldonline.com/dmci-acquires-more-land-in-cebu/

Tags: DMCI Homes Developer