Datem Inc., a contractor firm for condominium projects of major developers, said it has earmarked P2 billion in capital expenditures (capex) for 2014 and 2015 to boost its residential business.
Datem President Levy Espiritu told The Manila Times in an exclusive interview that the company has allotted P1 billion for 2014 and another P1 billion for 2015 to ramp up its residential projects through its subsidiary Datem Homes.
“We have spent almost P300 million so far this year, particularly on the Datem Horizons project,” Espiritu said.
Arnold de Asis, president of Datem Homes, said that the additional capital will be used to finance the construction of the Datem Horizons project, on top of other business activities such as land acquisitions and the development of two condominium projects in Taguig City and Quezon City.
“We also invested in pile driving, the acquisition of lots, permits and licenses and the engineering. We foresee that as we accomplish the project, we sell and then construct [the other buildings], so it’s a turnaround cycle,” de Asis said.
The officials said Datem Homes has three vertical residential projects in line: The P2 billion Datem Horizons in East Ortigas, P2 billion residential project in Taguig City, and P1.8 billion medium-rise building in Quezon City. The Taguig and Quezon City projects are still in the “planning stages,” but the Taguig development is “set to be launched next year, while the Quezon City project will follow, depending on unit sales.”
On Thursday, Datem Homes launched its flagship project Datem Horizons, which is a six-tower medium rise residential project along Quezon Avenue Extension.
The six condominium towers have a total of 700 units, with a gross floor area of 6,000 square meters. Datem Horizons offers two- to three-bedroom units, priced at P3.1 million to P4 million. The project started construction in June this year, and will be completed in 2017.
Espiritu said Datem Horizons is their largest project to date, catering to “young professionals, start up families, and overseas professionals.”
He also said that the whole development was elevated 1.2 meters to make the community flood-free.
“The worst case scenario was when Typhoon Ondoy struck. The area was flooded half a meter deep. So we made sure that even if the worst flood would come, [Datem Horizons] has been elevated by 1.2 meters over the original landscape,” Espiritu said.
De Asis said that Datem Inc. plans to build more “technologically-advanced low cost residential buildings.”
“Datem is focusing on Datem Homes, and we’ll go into affordable housing midrise [towers]and single-attached units. Our strength is more on the vertical projects. We will apply our 30 years of experience as a contractor of high to medium rise and high-end towers for major developers,” de Asis added.
The Quezon City-based contractor firm has almost 30 ongoing projects with big developers: eight residential projects for Megaworld Corp., One Shangri-La Place for Kuok-led Shang Properties Inc., Twin Oaks Place for Greenfields Development Corp., Arya Residences for Arthaland Corp., Grand Hyatt Residences for Federal Land Inc., Axis Residences for Robinsons Land Corp., The Makati Place for Alphaland Corp., and Parksuites for Anchor Land Holdings Inc., among others.
Last year, Datem diversified its business into housing, water and mining sectors.