DMCI Homes expands Cebu landbank to 5.5 ha

DMCI Homes is beefing up its landbank in Cebu, with the recent acquisition of additional 9,695-square-meter (sqm) property in Lahug, Cebu City.

The purchase came a year later after buying its first Cebu property in Barangay Guadalupe where a residential - community will rise.

This brings DMCI Homes’ landbank in Cebu to 55,617 sqm or about 5.5 hectares.

DMCI Homes’ inaugural Cebu project, Kalea Heights in Barangay Guadalupe, was originally set for this year’s launch but the date of opening was moved in 2020 from delays related to processing permits, DMCI Homes President Alfredo Austria said in an interview last week in Mactan, Cebu.

Palagay ko January 2020 (Maybe in January 2020). Na- delay permits eh (permits were delayed). Initial plan is eight months after [the] launch [of] first project,” Austria answered when asked about the project’s launch date.

Kalea Heights is a four-hectare (ha) residential development where four 40-story buildings are expected to rise.

Prices for each unit are comparable to rates in Metro Manila, he added.

In a statement over the weekend, the DMCI unit said the recently acquired property will be allotted for expansion.

“Cebu is one of the fastest growing economies in the Philippines. Expanding here (Cebu) is a natural step for us,” Austria said.

“We are very excited to bring the DMCI Homes brand to Cebu. We believe the discerning local market will find our valuefor-money proposition very attractive,” Austria said.

Earlier this year, DMCI Homes said it was banking on its newly launched projects in Quezon City to hit the P38-billion reservation sales target this year.

The new additions to DMCI Homes’ Quezon City portfolio include Cameron Residences and The Crestmont that are located in Roosevelt Avenue and Panay Avenue in Barangay South Triangle, respectively.

Austria said Quezon City was a “strong market because of the ongoing infrastructure projects in the area,” including Skyway Stage 3 and Metro Rail Transit-7.

The real estate firm is also eyeing to launch five more residential condominium projects — to be located in Pasig City, Las Piñas City, Mandaluyong City, Davao City and Cebu City — this year.

As of end-June, the quadruple A developer posted P20 billion in reservation sales.

Its first half net income, however, slipped by 34 percent to P1.23 billion from P1.88 billion on the previous year for the same period “due to the absence of nonrecurring gain.”

To date, it has launched over 70 projects.