DMCI Homes expects to launch eight projects this year and spend more than P11 billion of the P46.54 billion capital expenditure allocated to it by parent DMCI Holdings.
In a statement on Tuesday, DMCI Homes, the property arm of DMCI Holdings, said it will spend P8.4 billion for project development this year while the remaining P3 billion will be used for land acquisition.
Consunji-led DMCI Holdings allocated capital expenditure of P46.54 billion to DMCI Homes this year for the overall development of the eight projects, but the spending will be spread over two to three years until the projects are completed. These projects are set to deliver 15,300 additional housing units, which are expected to generate about P57 billion in sales.
“Ëvery year, we strive to come up with exciting projects for our valued clients. This is in line with our goal to satisfy the changing needs and preferences of the market,” DMCI Homes President Alfredo Austria said.
“We hope our new projects further reaffirm our reputation as a builder of high quality, best value homes and resort-inspired communities that promote quality lifestyle among Filipinos,” he added.
In the first quarter of this year, the company has launched two of the eight projects in the pipeline, which are Prisma Residences in Pasig City and Mulberry Place in Taguig City.
The balance of six project launches this year include hybrid developments, high-rise towers, and a mixed-use tower located in Mandaluyong, Makati, Pasig, Paranaque, and Quezon City.
DMCI Holdings has committed P57 billion in outlays for 2017, most of it going to DMCI Homes, with the balance intended to support the opening and operations of new mining sites of subsidiary Semirara Mining and Power Corp. as well as the capital requirements of its business units.
DMCI Holdings holds the Consunjis’ businesses and investments in construction (DM Consunji), power and mining (DMCI Power Inc., Semirara Mining and Power Corp., DMCI Mining), property development (DMCI Homes, DMCI Project Developers Inc.), and water utilities (Maynilad Water Services Inc.)