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DMCI Project Developers Inc. is confident of its prospects for the year despite the decline in its profits in the first nine months of the year.
Fueling this optimism is the company’s move to diversify its developments both in price and in location.
Its brand DMCI Homes earlier reported that profit for the first nine months of the year fell 63 percent to P1 billion due to the deferred recognition of revenues from its completed high-rise projects, which normally take three to four years to complete. DMCI Homes realizes sales earnings only when the unit is fully completed and at least 15 percent of the contract price has been collected.
“We did two major things this year. We went outside of Metro Manila -- we went to Baguio, we went to Davao and then we went up and down the price segment,” said Isidro Consunji, DMCI Homes Chairman.
DMCI Homes is engaged mainly in mid-segment developments where units are priced at P2.5 million and higher.
In the first nine months of the year, DMCI Homes launched five projects --- Brixton Place; Alea Residences in Bacoor City, Cavite; Verdon Parc in Davao City; Calathea Place in Sucat, Parañaque City; and The Celandine in Balintawak, Quezon City.
Consunji said the company will be launching before the end of the year Oak Harbor Residences, a luxury waterfront property in Bay City, and Infina Towers, a two-tower high-rise project near Katipunan in Quezon City.
Homes at the 453-unit Oak Harbor Residences measure 72 to 120 square meters and are priced between P9 million and P34 million each.
After the two projects, DMCI Homes is looking at introducing developments that target the lower segment of the market.
Consunji said the company is looking at initially launching projects in Davao and Bataan.
DMCI Homes registered 5,842 residential units in sales and reservations as of end-September, a 35 percent increase from 4,331 units the previous year.
“The double-digit growth pushed unit reservation sales of DMCI Homes to rise 38 percent to P19 billion from P13.8 billion last year.
Top-selling projects include Brixton Place, Lumiere Residences and Sheridan Towers, all located in Pasig City,” the company said.
“We hit record sales and a reduction in inventory, which was also record low. So, everything was good except for the profit,” Consunji
DMCI Homes is the pioneer and the best developer of quality, affordable, resort-style condominiums and house & lots in the Philippines.
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