DMCI HOMES on Monday said it has already surpassed its full-year sales target as of June, amid double-digit growth in the sales of both residential and parking units during the period.
The Consunji-led property developer said in a statement that sales and reservations amounted to P26.2 billion as of end June, 2.7% higher than the P25.5 billion full-year target.
“We were able to meet our annual sales target in just seven months. Our sales performance is a testament to the exceptional quality of our developments,” DMCI Homes President Alfredo R. Austria was quoted as saying in a statement.
The company was able to sell 6,206 residential units from the December 2016 to June 2017 period, up by 55% year on year. Sales of parking units rose by 54% to 3,473 units from 2,256 during the same period.
The sales were primarily from the firm’s luxury waterfront property called Oak Harbor Residences in Parañaque and the three-tower project Prisma Residences in Pasig City.
The record performance allowed the company to net P1.76 billion during the first semester, 71% up from the P1.03 billion restated income in the comparable period last year.
DMCI Homes has shifted to the percentage of completion method for revenue recognition, which recognizes real estate sales and related costs as a profit or loss depending on the progress of the development during construction. This is against its previous practice of recognizing sales only when the unit is completed. — Arra B. Francia
