DMCI Homes, the property unit of conglomerate DMCI Holdings, Inc., said on Thursday that its premium project Oak Harbor Residences had generated P6.64 billion in sales a year after it was launched.
Oak Harbor is a 12,000-square meter (sqm) development facing Manila Bay near casino-resort complex Okada Manila, and is the first luxury waterfront property in Bay City developed by the company under its premium brand DMCI Homes Exclusive.
DMCI Homes Assistant Vice President Jan Venturanza said they were already expecting record-high sales given the high demand for waterfront homes and the property’s excellent location.
“With Oak Harbor, you’re getting a premium waterfront home in an emerging business and entertainment hub that is made by the Philippines’ leading developer of resort-inspired condominiums. So our expectations were really high on this project,” Venturanza said.
Citing a report from global real estate services company Colliers International, DMCI Homes said the brisk sales performance of Oak Harbor was likely boosted by the success of resort-themed luxury condominium developments, given the increasing demand for properties outside Metro Manila’s major central business districts (CBDs) such as in the Manila Bay area.
“The availability of developable land and the benefit of future infrastructure improvements make these locations attractive,” Colliers International senior research manager Randwil Dinbo Macaranas said in the report.
Oak Harbor Residences’ Weston and Lauderdale buildings are targeted for completion by June 2020 while the third building, Aston, is seen to be finished by December 2021.