DMCI Homes reported it has so far raised about P9.93 billion in reservation sales from two residential projects in Quezon City.
The real estate arm of listed DMCI Holdings, Inc. said in a statement Thursday its single-tower Cameron Residences and The Crestmont projects in Quezon City have been well-received by buyers and investors.
Specifically, the 46-story Cameron Residences along Mapalad Street in Roosevelt Avenue has already been 91% sold as of end-January, posting reservation sales of P3.63 billion. It was launched last year and is targeted for completion by March 2025.
The Crestmont has been 95% sold as of the third week of January, recording reservation sales of P6.3 billion. The 50-story building along Panay Avenue is also one of the projects DMCI Homes launched last year.
The company previously said it was spending around P7 billion for the two residential projects in Quezon City as it believes in the big demand in the area especially with infrastructure projects such as the Metro Manila subway.
Quoting property consultancy firm Colliers International, DMCI Homes said Quezon City is one of the locations expected to maintain high demand from investors this year, the others being the Bay Area and Ortigas Center.
“Over the next 12 months, Colliers projects the delivery of about 15,610 units in the capital region, outpacing the annual completion of 7,700 units annually in 2012 and 2014 and even higher than the 10,700 units delivered from 2016 to 2018, a period that already benefited from the trickle-down impact of offshore gaming demand,” DMCI Homes quoted Colliers as saying.
DMCI Homes is operated by DMCI Project Developers, Inc., which posted flat earnings as of September 2019 at P1.8 billion. Earnings of parent company DMCI Holdings fell 11% to P9.31 billion during the nine-month period.
Shares in DMCI Holdings at the stock exchange lost 20 centavos or 3.33% to P5.80 each on Thursday. — Denise A. Valdez