Corporate News

DMCI Homes plans new Davao condo project

Posted on May 23, 2017

DAVAO CITY -- DMCI Homes, the Consunji group’s condominium development arm, is now planning for its next project in the city as it recently started the turnover of units for its first condominium development.

The playground area of DMCI Homes’ Verdon Parc project in Davao City -- COURTESY OF DMCI HOMES
Alfredo R. Austria, DMCI Homes president, said the new project, located in the Maa area, is now being conceptualized and will likely be up to 10 floors.

“(The next project is) still in the drawing boards, but we have started the concepts and the design development,” Mr. Austria said at last week’s turn-over ceremony for the clubhouse and other communal amenities of the first project, Verdon Parc.

Mr. Austria said the company remains bullish on the city’s real estate sector despite the challenge of having no hard data from government on the market’s size.

“Our experience is that there is no clear data even if you ask research institutions... It is always a guessing game,” he said, noting that the company makes its own projections.

Earlier, National Economic and Development Authority Regional Director Maria Lourdes D. Lim urged the industry to come up with a comprehensive data bank to help prevent a real estate bubble similar to what happened during the Asian financial crisis in the late 1990s.

Mr. Austria said DMCI is targeting to complete the 1,978 units of Verdon Parc by 2021. So far, about 400 units have been sold with 10% of the buyers already occupying their properties.

Based on the company database, about 60% of those who bought units are “investors,” while the rest are expected to move in.

The P3-billion Verdon Parc project, which DMCI took over from sister company DMC Urban Property Development, Inc. last year, consists of four buildings in a three-hectare property in the Ecoland area. -- Carmelito Q. Francisco