DMCI beefs up construction, property devt assets in Cebu
MACTAN, Cebu—Consunji-led DMCI Holdings Inc. is beefing up its investments in Cebu, mainly on property development and construction activities as it banks on the improving wealth of cities outside of the country’s capital.
DMCI Chairman Isidro A. Consunji said the company’s property development arm DMCI Homes has acquired two properties in Cebu for the development of its medium- to high-rise residential condominium project.
DMCI Homes President Alfredo Austria said they have acquired a 9,695-square meter property, or about 1 hectare, in Lahug, Cebu City to boost its expansion plans.
The property is a few minutes’ drive from Cebu IT Park, Cebu Business Park, University of the Philippines Cebu and Metro Sports Center.
Last year, DMCI Homes acquired its first Cebu property in Barangay Guadalupe, to serve as the future site of another residential community. With these two acquisitions, DMCI Homes now has a total Cebu land bank of 55,617 sq m.
“Cebu is one of the fastest-growing economies in the Philippines. Expanding here is a natural step for us,” Austria said.
Consunji, meanwhile, said the scarcity of skilled labor in Metro Manila is limiting their growth, and the company has come to the second-tier cities outside of the capital for their labor needs.
Austria said they plan to launch two projects next year for the two properties, with the first being a 4-hectare high-rise project. He explained that, while the buildings will be high rise, these will be unique because of the large open spaces that will be set aside.
“Each hectare will have only one tower for a total of only four towers in 4 hectares,” Austria said.
The company has the option to expand this project by another 4 hectares.
“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,” he said.
Meanwhile, DMCI is also part of the Cebu Link Joint Venture, the consortium of Spanish firm Acciona, First Balfour and DM Consunji Inc., the company’s construction arm. The consortium has so far invested 5.3 million man-hours and has completed some 47 percent of the Cebu-Cordova Link Expressway (CCLEx), a toll bridge that will connect mainland Cebu from Cebu City to Cordova town in Mactan Island.
“The design, scale and complexity of this project makes it an engineering and construction marvel. We are proud to be part of this iconic project,” Consunji said.
The bridge is 8.25 kilometers long and will be the longest bridge in the Philippines connecting two islands. It is set for completion in 2021, in time for the 500th anniversary of the arrival of the Spaniards in the country.
The San Juanico Bridge, which connects the islands of Samar and Leyte, and was built during the Marcos era, has long been the country’s longest bridge.
The main bridge of the CCLEx will have a span of 390 meters, and a navigational clearance of 51 meters to allow large vessels to pass underneath. It will also feature a lighted cross on top of two 145-meter high pylons.
Concrete piling for the two towers of the main bridge was completed in May, while the lower pylons are nearing completion. The piling works for the Cebu viaduct are almost complete while Cordova viaducts were finished last month.
Construction of the ramps that will connect CCLEx to the Cebu South Coastal Road is ongoing.
Source : https://businessmirror.com.ph/2019/10/21/dmci-beefs-up-construction-property-devt-assets-in-cebu/
