DMCI PROJECT Developers, Inc. has increased its land bank to 150 hectares worth P10.2 billion by end-March, supporting its aggressive expansion plans across the country.
In a statement issued Thursday, the company operating under the name DMCI Homes said its total land value has increased by 71% in the first quarter, versus the P6 billion worth of land spanning 125 hectares it had in the same period a year ago.
“We have to continue building our land bank as we continue to strengthen our presence in and outside Metro Manila, such as in Davao and Cebu,” DMCI Homes President Alfredo R. Austria said in a statement.
DMCI Homes has scheduled to launch ten projects valued at P104 billion this year alone, including its first venture in Cebu through Kalea Heights. Other projects will be located in Davao City, Quezon City, Las Piñas City, Pasig City, Mandaluyong City, and the City of Manila.
“Every year, thousands of new households across different market segments are created all over the country, providing more opportunities for the industry,” Mr. Austria said.
Alongside these launches, the company will also turn over two residential towers this year, namely the Surya and Raja buildings of Alea Residences in Bacoor City. This is DMCI Homes’ first mid-rise condominium in the area.
DMCI Homes has already completed a total of six projects this year, namely Zebrina building of Calathea Place in Parañaque, Bluebird building of Bristle Bridge in Baguio City, Fairway Terraces in Pasay City, Darma building of Alea Residences in Bacoor, as well as Linden building and Abaca building of Acacia Estates in Taguig City.
Meanwhile, the company targets about P38 billion in reservation sales this year.
DMCI Homes has committed to spend P17.9 billion in capital expenditures this year, 23% higher year on year.
The company registered a net income of P481 million in the first quarter of 2019, five percent higher than the P460 million it posted in the same period a year ago. This came amid a two percent decline in revenues to P4.4 billion, as reservations also dropped 27% to P11.1 billion due to a lower number of projects unveiled at the time.
DMCI Homes is part of diversified engineering conglomerate DMCI Holdings, Inc., which has core interests in coal mining, water, construction, nickel mining, and off-grid power services.
Overall, DMCI Holdings’ net income attributable to the parent fell 25.6% to P2.87 billion in the first quarter. Revenues were also down by 3.2% to P19.65 billion on account of lower coal prices seen during the period.
Shares in DMCI Holdings rose 1.37% or 14 centavos to close at P10.38 apiece at the stock exchange on Thursday. — Arra B. Francia