DMCI Project Developers, Inc. (DMCI Homes) is set to expand its Pasig City properties with the development of a new residential condominium on Pasig Boulevard, it said in a statement.
In a statement, DMCI said its new two-tower project will be on a 1.3-hectare lot adjacent to DMCI’s Prisma Residences in Barangay Bagong Ilog. It is expected to generate P14.36 billion in sales.
“DMCI Homes is confident of replicating the success of the Prisma Residences with the new project because of favorable outlook for residential spaces in the area,” DMCI Assistant Vice President for Project Development Dennis O. Yap was quoted as saying.
DMCI noted a Colliers International 2019 second quarter property market report showing expected high residential demand in Ortigas in the next three years. They attribute this demand to the entry of offshore gaming in the area.
“The new development will be our 12th residential project in Pasig City since DMCI Homes started operations in 1999. It is worth noting also that since 2016, this will be our ninth project in the city which only reflects the big demand for residential spaces in Eastern Metro Manila,” Mr. Yap said.
The three-tower Prisma Residences launched in 2017 is 94% sold as of late August.
The new condominium is one of the five projects that DMCI Homes wants to launch before yearend.
DMCI Homes is the real estate arm of conglomerate DMCI Holdings, Inc., which has interests in power, mining, construction, and water.
DMCI Holdings, Inc. reported a 20% decline to P3.8 billion in net income for the second quarter. DMCI Homes also reported a 36% drop to P1.2 billion net earnings from April to June, while core net income was up 5%. — Jenina P. Ibañez