THE property unit of DMCI Holdings, Inc. has almost sold out its condominium development in Pasig City, bringing in more than P7.52 billion in sales.
In a statement issued Wednesday, DMCI Homes said Fairlane Residences in Kapitolyo, Pasig City has recorded the figure after selling 99% of the 1,140 units in the residential condominium. The project now has only eight units left in its inventory.
The 51-storey project offers two-bedroom and three-bedroom units covering 52 to 81 square meters each. These are sold from P7.14 million to P12.88 million, according to prices listed on the company’s website.
Fairlane Residences sits on a 6,105-sq.m. lot in West Capitol, Kapitolyo. The project is accessible through Boni station of the Metro Rail Transit Line 3 and major roads such as EDSA, Pioneer Street, Shaw, and Pasig boulevards.
Aside from the existing infrastructure projects surrounding the property, the company is also banking on the construction of the Bonifacio Global City-Ortigas Center Link Road, which is expected to improve travel within the cities of Pasig, Mandaluyong, Taguig, and Makati.
DMCI Homes targeted urban dwellers and young families for the project, who can benefit from the resort-inspired amenities and spacious living areas. The company expects to complete the single-tower project by 2024.
Fairlane Residences is among DMCI Homes’ projects that is expected to boost the earnings for this year. In the first six months of 2018, the company delivered a net income of P2.49 billion, 41% higher than the P1.76 billion it posted in the same period a year ago.
Reservation sales stood at P23.01 billion from January to June, accounting for more than half of its full-year target of P40 billion. DMCI Homes earlier aimed for P31 billion in reservation sales for 2018, but upgraded its target after seeing higher sales in the first half.
The company attributed its performance to the positive feedback of former clients, enhancing the value of the brand for potential customers.
“We’d like to think we have gained a strong following because of our track record of building homes that are of high-quality and value for money. For us, it has always been about whether we are making our customers happy. With the consistent strong sales of our projects, we feel this is bearing fruit for the company,” DMCI Homes President Alfredo R. Austria said in a statement.
DMCI Homes expects to maintain the pace of reservation sales for the second half of the year, banking on the projects set to be launched in Parañaque, Manila, Quezon City, Las Piñas, and Pasay. — Arra B. Francia